The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Signs Memorandum of Understanding (MoU) with the Libyan Export Promotion Center to Support Export Development – African Business

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The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Libyan Export Promotion Center (LEPC) signed a Memorandum of Understanding (MoU) to facilitate cooperation between both parties in mutually agreed areas.

The agreement was signed in the presence of Mr. Oussama Ali Kaissi (CEO of ICIEC) and Mr. Mohammed Ali Al-Deeb (Director-General of the LEPC).

The MoU between ICIEC & LEPC is a significant step forward in providing investment credit and insurance facilities to Libyan companies and institutions. The MoU covers a broad range of activities, such as organizing introductory seminars for Islamic insurance, export credit and investment insurance; providing technical support to local insurers; introducing foreign investments into Libyans’ export projects; participating in related activities organized by other parties; exchanging information on exporters based in Libya looking for export credit insurance. This partnership will encourage businesses to invest more confidently, while expanding their operations abroad.

Commenting on the MoU Mr. Oussama Kaissi said “We are delighted to announce our new partnership with the Libyan Export Promotion Center! This agreement will increase and diversify Libya’s exports, strengthening our efforts to export credit reinsurance. We believe this will provide much-needed support for businesses in Libya during these challenging times”.

The Libyan Export Promotion Center (government entity) is an affiliate of the Ministry of Economy and Trade, Libya. It was established to encourage, develop and diversify Libya’s non-oil exports.

Distributed by APO Group for Islamic Corporation for Insurance of Investment and Export Credit.

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Rania Binhimd 
Communication Department
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About the Islamic Corporation for the Insurance of Investment and Export Credits.
ICIEC was established in 1994 to promote economic relations between OIC Member States, strengthen economic relations and promote intra-OIC trade. It also provides financial solutions and risk mitigation tools. The Corporation is the only Islamic multilateral insurance company in the world. It has been at the forefront of providing comprehensive solutions to parties and companies in its 49 Member countries, including Documentary Credit Insurance Cover. Credit Insurance Cover. Bank Master Policy. Non-Honouring Of Sovereign FINAL Obligations. Investment Insurance Products. ICIEC, 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. ICIEC has provided investment and trade insurance worth more than US$ 95bn. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, please visit:     

APO issued this Press Release. APO has issued this Press Release. The content is not under the control of African Business’ editorial team. The content of this announcement is solely at the issuer’s responsibility.


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