The partnership will facilitate transactions involving Japanese companies as exporters, EPC contractors, or investors in projects that promote the development of ICIEC’s member states.
The Islamic Corporation for the Insurance of Investment andExport Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, has entered into a significant Memorandum of Understanding (MoU) with the Japan Bank for International Cooperation (JBIC). This agreement aims to strengthen collaboration and promote trade and investment between ICIEC’s member countries and Japan.
The strategic MoU is designed to create a robust partnership
between ICIEC and JBIC, utilizing ICIEC’s insurance offerings alongside JBIC’s
financial resources. This collaboration will facilitate transactions involving
Japanese firms acting as exporters, EPC contractors, or investors in projects
that advance the development of ICIEC’s member nations, with a particular
emphasis on Central Asia.
This partnership is expected to greatly enhance trade and
investment activities between ICIEC member countries and Japan, including
initiatives aimed at climate action, such as renewable energy projects.
Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, remarked
that an MoU has been in place between the IsDB Group and JBIC since 2016. He
noted that the MoU signed by ICIEC with JBIC is an extension of this existing
Group-level agreement. Dr. Khalafalla emphasized that this MoU formalizes and
strengthens the enduring partnership between ICIEC and JBIC, aligning with
their mutual goal of fostering sustainable economic development in ICIEC member
states. He further stated that by combining their respective expertise and
resources, they can enhance trade and investment opportunities for the benefit
of all stakeholders involved.
This agreement represents a pivotal achievement in ICIEC’s
continuous efforts to promote economic growth and development in its member
countries through strategic international collaborations.