News Middle East25 Jan 2023

ICIEC signs landmark MoU to support renewable energy projects

| 25 Jan 2023

Jeddah-headquartered Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, signed a wide-ranging Memorandum of Understanding (MoU) with Abu Dhabi Future Energy Company (Masdar) last week.

The partnership is set to give a major boost to the transition to renewable and clean energy in markets of mutual interest to both entities, says ICIEC in a statement

The MoU was signed by Mr Oussama Kaissi, CEO of ICIEC, and Mr Mohamed Jameel Al Ramahi, CEO of Masdar, during the Abu Dhabi Sustainability Week, held between 15-19 January 2023. 

Under the MoU, the two parties agree to cooperate “in promoting joint action in the origination, financing, and execution of renewable energy projects through ICIEC’s insurance support in its member states.” 

ICIEC’s mandate is to promote the flow of foreign investments among and into its member states and enlarge the scope of trade transactions between them. This includes support for transitioning to clean energy through the generation of electricity from renewable non-emitting sources and, eventually the transition to a Green Economy whilst ensuring sustainable economic growth. 

Masdar is mandated to develop commercially viable renewable energy projects in the Middle East & North Africa and international markets.  

Masdar and ICIEC share a common interest in contributing to the growth of renewable energy in ICIEC member states, including in the MENA region, and the international climate finance architecture. ICIEC is positioned to play a key role in private-sector engagement through the credit enhancement its policies provide to financial institutions and the access it has to its member states’ national and sub-national bodies which are the custodians of the relevant climate action projects and transactions. 

Mr Kaissi said, “Co-operation between ICIEC and Masdar would bring about better coordination and more efficient implementation of their respective activities to the benefit of renewable energy production in ICIEC member states.” 

 

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