The Islamic Corporation for the Insurance of Investment & export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, and the african Trade Insurance agency (ATI), have signed a Memorandum of Understanding (MOU) that aims to provide greater cooperation to provide re-insurance support for trade transactions and projects that benefit exporters and investors conducting business in common member countries in subsaharan africa.
The MOU was signed on behalf of ICIEC by Dr Abdel rahman El-Tayeb Taha, CEO of ICIEC and George Otieno, CEO of ATI, at ATI headquarters in Nairobi.
Under the terms of the understanding, ICIEC and ATI will re-insure each other on trade transactions and projects supporting their respective member countries. They will also offer political risk and trade credit insurance to enhance business and investment flows.
George Otieno noted, “The events in the Middle east and north africa have shown how quickly countries rated as relatively stable can become high risk. ATI welcomes this partnership with ICIEC, which will strengthen insurance protection for african businesses already trading with arab countries as well as those who may be seeking opportunities in that region.”