EDDAH, Kingdom of Saudi Arabia- In a significant move to foster collaboration and bolster trade and investment flows, The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, and Saudi Pak Industrial and Agriculture Investment Company Limited (SAPICO) announced the signing of a Memorandum of Understanding (MoU) for cooperation.
Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Rizwan Ahmed, CEO of SAPICO, signed the MoU, setting the stage for a strategic partnership that aims to facilitate trade and investment initiatives within the SAPICO joint venture.
Outlined in the MoU are extensive areas of collaboration, which encompass regular exchanges of crucial information, endeavors to boost proficiency in promoting trade and investment, and mutual backing in curating educational seminars and workshops. Furthermore, the MoU highlights a commitment to enhancing food security, broadening the scope of intervention, and directing support towards investments that fuel the creation of climate-resilient, renewable energy infrastructure in the country.
Reflecting on this collaboration, Mr. Oussama Kaissi, CEO of ICIEC, stated, “This MoU is a testament to our dedication to bolstering intra-trade and intra-investment between our member states, Saudi Arabia and Pakistan. By consolidating our resources, expertise, and strengths, we set the stage for enhanced trade and investment avenues with the potential to bring about significant positive transformations to both economies. Our alliance with SAPICO is a source of great enthusiasm, and our resolve to achieve shared success in our collaborative efforts is steadfast.”
This partnership aligns with both parties’ shared vision of fostering international trade and economic development and enhancing cooperation between the respective countries.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 15th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 100bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.