The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Islamic Development Bank Group, and the Central Bank of Bangladesh have signed a Memorandum of Understanding (MOU) that aims to boost co-operation in promoting trade and investment in Bangladesh.
The MOU was signed on behalf of ICIEC by Dr Abdel Rahman El-Tayeb Taha, the chief executive, and, on behalf of the Bank of Bangladesh, by H E Atiur Rahman, governor of the Bangladesh Bank.
Its financial objective is to establish a basis for the exchange of information between the two institutions on banking industry conditions and operating performance and ICIEC exposures on banks operating in Bangladesh.
Commenting on the MOU, Dr Taha said, “The signing of the MOU comes within the framework of ICIEC’s mandate to support the development of its member countries by providing export credit and political risk insurance to investment projects. I am confident this will greatly enhance ICIEC’s ability to support exporting companies operating in Bangladesh, and also will help to attract more FDI.”