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ICIEC and GARANT sign a Cooperation Agreement

Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC and Mr. Louis Habib-Deloncle, Chairman of the Managing Board of Garant.

Malaysia, 21 October 2012 – In margin of the 3rd Annual Meeting of Aman Union (a group of Arab and Islamic Export Credit Agencies) which is being held in Kuala Lumpur 21st and 22nd October 2012. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Jeddah based Islamic Development Bank Group and the European insurer Garant Versicherungs-AG based both in Vienna and Geneva, signed a Cooperation Agreement to insure and reinsure trade and investments flows to and from Arab and Islamic Countries members of ICIEC.

The Agreement was signed by Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC and Mr. Louis Habib-Deloncle, Chairman of the Managing Board of Garant.

The agreement aims at exchanging information for the purpose of upgrading knowledge and expertise in the field of export credit and investment insurance, and ICIEC will provide GARANT with information on regional Debtors and GARANT will provide ICIEC on its Insured’s’ track records, recovery Cooperation in the debt collection procedures of post and after claim payment, providing technical support for identification, assessment and management of risks covered, to develop of facultative reinsurance arrangements, in addition the arrangement of joint marketing activities.

Commenting on the agreement Dr. Abdel Rahman Taha, the CEO of ICIEC said “ICIEC welcomes this partnership with GARANT which will strengthen our efforts in providing export credit and investment insurance especially in MENA region and Africa. It is believed that there is strong demand for export credit and political risk insurance from business communities especially after the economic crises and political turbulance in certain countries”. “Thereby encouraging the european businessmen to invest more and with confidence in OIC member countries, this is where ICIEC’s expertise lies”, he concluded.

Commenting on the agreement Mr. Louis Habib-Deloncle, Chairman of Garant:

“The cooperation partnership with ICIEC is the continuation of Garant’s strong involvement in key areas where demand in credit and political risk coverage is increasingly growing. It also reflects our willingness to share risks and expertise with key players in the field of export credit insurance. Thanks to ICIEC’s long- lasting experience, Garant expands its ability in assessing regional risks and monitor them properly from MENA to Asia.”

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