The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding (MoU) with the Korea Overseas Infrastructure and Urban Development Corporation (KIND). This significant agreement, signed in Korea by Eng. Yasser Alaki, Director, Business Development Department at ICIEC, and by Mr. Byung Chul Won, Executive Vice President at KIND, aims to enhance collaboration on Public-Private Partnership (PPP) projects in ICIEC Member States and the Republic of Korea.
The MoU outlines the commitment of both parties to work together on various PPP projects, focusing on critical infrastructure, clean energy technologies, and the generation of renewable energy, as well as urban development initiatives within ICIEC Member States.
Eng. Yasser Alaki stated, “This partnership marks a pivotal step in strengthening the ties between our institutions and leveraging our collective expertise to address the pressing infrastructure and development needs of our Member States. By collaborating with KIND, we are committed to driving sustainable growth and innovation through public-private partnerships that can transform communities and economies.”
The collaboration under this MoU reflects ICIEC’s commitment to facilitating investment and promoting sustainable development in its Member States. Both organizations look forward to realizing impactful projects that align with their shared objectives.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Media Contact:
Rania Binhimd
Strategic Planning and Communications Division
Email:Rbinhimd@isdb.org
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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 50 Member States. ICIEC, for the 16th 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 (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 114 billion in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, visit: http://ICIEC.IsDB.org
