ICIEC and Elsewedy Electric sign future-focused Memorandum of Understanding (MoU) to accelerate climate action

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Elsewedy Electric is a leading global provider of energy solutions with a footprint across electric, engineering and construction, digital solutions and infrastructure investments

SHARM EL SHEIKH, Egypt: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org) cooperates with one of Egypt’s largest companies to accelerate climate action in the ICIEC Member States.

The Memorandum of Understanding (MoU) between ICIEC and Elsewedy Electric provides a framework for joint action in promoting climate action and water projects, in line with both the ICIEC Climate Action Guidelines and Elsewedy Electric’s Sustainability Strategy 2020-2023.

The MoU was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC and Ahmed Elsewedy, Chairman and CEO of Elsewedy Electric.

Elsewedy Electric is a leading global provider of energy solutions with a footprint across electric, engineering and construction, digital solutions and infrastructure investments. Its climate action cooperation with ICIEC will lead to stronger coordination and more efficient implementation of its activities to the benefit of the Egyptian economy. The agreement will also bolster Egypt’s and other Member States’ drive toward the UN Sustainable Development Goals, the Paris Agreement, Egypt’s 2030 Vision and National Renewable Energy Strategy 2035, among others.

Under the terms of the MoU, ICIEC, which is the insurance arm of the Islamic Development Bank (IsDB) Group, will work with Elsewedy Electric to: identify, assess and manage climate and water risks and opportunities; exchange essential information, expertise and resources; extend training and capacity building opportunities; and organize joint seminars and workshops.

Oussama Kaissi, CEO of ICIEC, said the signing of the MoU was a reflection of ICIEC’s prioritization of climate initiatives. “ICIEC is committed to meeting the objectives of global sustainable goals. This partnership with Elsewedy Electric – a leading provider of sustainable projects in energy and infrastructure that enable businesses and communities to thrive – reflects that commitment. We are excited to see the many areas of cooperation come to fruition and to build on those in due course.”

About ICIEC:

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is the insurance arm of the Islamic Development Bank (IsDB) Group. The Corporation is uniquely the largest Shariah-compliant multilateral insurer in the world and has led from the front in providing a comprehensive suite of insurance solutions to companies and parties in its 48 Member States. ICIEC was established in 1994 with the mandate to strengthen economic relations between OIC member countries and to promote intra-OIC trade and investments by providing Shariah-compliant risk mitigation tools and financial solutions. ICIEC has for the 14th consecutive year earned an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 83bn in trade and investment and US$2.2 bn in support of FDI at end of 2021. Its activities were directed to specific sectors including banking, energy, manufacturing, infrastructure, healthcare, and agriculture.