The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.isdb.org), a member of the Islamic Development Bank (IsDB) Group and a leading Shariah-compliant multilateral insurer, has signed a Memorandum of Understanding (MoU) with the State Assets Management Agency of the Republic of Uzbekistan (UzSAMA).
The MoU, virtually signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Akmalkhon Ortikov, Director of UzSAMA, establishes a framework of cooperation towards strengthening trade and investment flows into the Republic of Uzbekistan.
Through the MoU, ICIEC and UzSAMA will collaborate in exchanging experiences in the privatization process to improve the managerial and technical skills of personnel at UzSAMA. This will foster close bilateral relations in various fields. Both parties have committed to advancing their cooperation to attract potential investors for privatized state assets in Uzbekistan.
Mr. Kaissi commented on the partnership: “We are thrilled to work with UzSAMA to enhance trade and investment ties between Uzbekistan and international markets. This MoU will support the Republic of Uzbekistan in achieving its national development plan for economic growth, diversification of revenue streams, and job creation.”
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Rania Binhimd, Communication Department
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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994, intending to strengthen economic relations between the 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 (CPRI) Industry. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 99bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.