The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Egypt and the Federation of Egyptian Industries (FEI) support Egyptian Industries with Framework Cooperation Arrangement

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The cooperation under the MoU will also extend to training and capacity building opportunities

SHARM EL SHEIKH, Egypt: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org) has signed a Memorandum of Understanding (MoU) with the Arab Republic of Egypt and the Federation of Egyptian Industries (FEI) to facilitate co-operation and promote trade and investment opportunities for Egyptian industries.

Under the agreement – the Framework Cooperation on Trade and Investment – the parties will provide professional representation and advocacy of Egyptian industries’ interests both locally and globally, as well as a regular exchange of essential information, knowledge, advisory and consultation services.

The cooperation under the MoU will also extend to training and capacity building opportunities to create awareness of ICIEC’s added value in risk mitigation and credit enhancement, organise joint seminars, conferences and workshops; and any other activities and programmes of mutual interest which the parties may jointly devise.

The MoU was signed by Oussama. Kaissi, CEO of ICIEC, and Mohamed Zaki El Sewedy, Chairman of the FEI.

Oussama Kaissi, CEO of ICIEC, said: “ICIEC is pleased to announce a new framework agreement with FEI which will foster increased trade and investment opportunities for Egyptian importers and exporters. This MoU is paramount to further the cooperation between ICIEC and Egyptian businesses going forward.”

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

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.