LISBON, 26 October 2016 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Korea Trade Insurance Corporation (K-sure) have signed a reinsurance agreement aimed at expanding mutual business opportunities.
Under the agreement, ICIEC will reinsure commercial and political risks related to medium/long term export credit transactions, which involve Korean exporters and contractors selling capital goods and services to ICIEC member countries. ICIEC will also extend reinsurance support to K-sure for Korean investors investing in ICIEC member countries.
The agreement was signed by Mr. Oussama Kaissi, Chief Executive Officer of ICIEC and Mr. Kim Youg-hak, Chairman and President of K-sure, on the sidelines of Berne Union/Prague Club Annual General Meetings on October 24-27, 2016 in Lisbon.
Commenting on the agreement, ICIEC Chief Executive Officer Mr. Oussama Kaissi said: “The partnership between ICIEC and K-sure is timely given the increasing involvement of Korean investors and contractors in projects in member countries. It is ICIEC mandate to support member countries in attracting foreign direct investments, importing capital equipment and realizing infrastructure projects. ICIEC, as a multilateral insurer, has a privileged relationship with its 44 member countries”.
K-sure was established in 1992 pursuant to the Trade Insurance Act for the goal of promoting trade and overseas investment by Korean enterprises. As the official export credit agency under the Ministry of Trade, Industry & Energy (MOTIE), K-sure provides various trade insurance products and high value-added services in order to contribute to Korea’s exports and furthermore, to the vitalization of global trade by actively adapting to the changes in the international trade environment.
ICIEC is a multilateral export credit and political risk insurer rated Aa3 with a stable outlook by Moody’s. ICIEC was established in 1994 by the IDB and member countries of the Organization of Islamic Cooperation (OIC), with an objective to encourage exports from and between member countries as well as to facilitate the flow of foreign direct investment into them by providing and encouraging the use of Shariah-Compliant export credit and investment insurance/reinsurance solutions.