Press Release | November 15, 2016
Marrakech — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), as a multilateral credit and political risk insurance corporation, plays a catalytic role in facilitating Renewable Energy projects in its member countries.
On the margins of COP22, which took place in Marrakech, Morocco, on November 15, 2016, ICIEC organized a high panel discussion (HPD) under the theme “ECA Risk Mitigation in Renewable Energy Investments”. The side event offered a valuable opportunity to showcase the benefits extended by ICIEC in cooperation with its partners to Host Countries, Investors, Lenders and Contractors involved in renewable energy Projects.
“Facilitating the financing of Renewable Energy projects in our member countries will play an important role in mainstreaming climate investments by developing innovative and scalable pilot projects, and investing in renewable energy projects,” said Mr. Oussama A. Kaissi, Chief Executive Officer of ICIEC.
ICIEC has an important role in boosting the flow of such important investments in the Member Countries by offering to the foreign investors coverage against the political risks. This coverage is an essential tool of risks mitigation, which encourage equities holders and lenders to participate in the Renewable Energy projects.
The high-level panel discussion focused on the experiences they had while undertaking long-term investments in what are perceived to be volatile and high risk markets, yet very profitable markets. They agreed with the fact that their decision to make such long-term commitments were not only based upon financial viability, but also the availability of political risk guarantees which safeguard of such financial returns.
Becoming more energy efficient is the first step toward reaching sustainability goals. Renewable Energy initiatives are now attracting the interest of businesses without negatively affecting their bottom line. In fact, going green can positively affect a company’s bottom line through energy efficiency and financially feasible renewable projects.
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 Complaint export credit and investment insurance/reinsurance solutions.