Jeddah headquartered Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) has signed a memorandum of understanding with Companía Espanola de Seguros de Credito a la Exportacion, Compania de Seguros y Reaseguros (CESCE).
CESCE is a Spanish export credit agency (ECA) located in Madrid, that manages the facilitation of export credit insurance on behalf of the state.
The partnership encourages cooperation in supporting trade and investment between Spain and ICIEC member countries through joint export credit insurance provisions in addition to promoting other forms of cooperation such as technical assistance and capacity building.
This MoU follows a string of recent ICIEC partnerships with European ECAs, including Austria’s Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) and the UK Export Finance (UKEF). These partnerships facilitate responsive and flexible agreements for risk sharing in the form of reinsurance or co-insurance, encouraging both parties to expand their risk appetite for trade transactions and investments.
“During this time of economic uncertainty, ICIEC has placed high importance on building relationships with peer ECAs,” said ICIEC CEO, Mr Oussama Kaissi. “By working jointly, the Corporation and its partners can increase the reach and depth of service offerings, therefore enabling both parties to provide the best support possible to our member countries”.
ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the Organisation of Islamic Cooperation. ICIEC’s vision is to be recognised as the preferred enabler of trade and investment for sustainable economic development in member countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.