22 May 2013
Dushanbe, Republic of Tajikistan,
The 20th ICIEC’s Board of Governors Annual Meeting
ICIEC supports investments and exports in its member countries by more than USD 3 Billion in 2012
Under the auspices of the President of the Republic of Tajikistan, the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Islamic Development Bank (IDB) Group, approved in its 20th Annual Meeting, held today 22 May 2013 in Dushanbe, the Annual Report and the Financial Results for 1433H (2012).
1433H, a year of continued economic headwinds, globally as well as in ICIEC Member Countries, coupled with the prolonged unfolding political change in a number of member countries, the Corporation has continued to enhance the support it provides for exports from and investments into our Member Countries. Despite these challenges, the Corporation’s Business Insured numbers remained strong at USD 3.07 billion, which is comparable to the business insured numbers achieved last year.
Commenting on these results, the Chief Operating Officer (COO) of ICIEC, Khemais El-Gazzeh, said “1433H was a stand-out year for ICIEC’s Political Risk Insurance (PRI) program. Business Insured under ICIEC’s PRI program stood at a record high of USD 825 million in 1433H (an increase of 167%) – a testament to the increased awareness of the importance of involving multilaterals like ICIEC in new investment programs. A significant part of this increase in the PRI numbers can also be attributed to the growing relationship ICIEC is building with the Multilateral Investment Guarantee Agency of the World Bank, which views ICIEC as a strategic reinsurance partner in its Member Countries”.
ICIEC, the Aa3 rated multilateral credit and country risks insurer is a member of the Islamic Development Bank (IDB) Group. It was established in August 1994G as a specialized international institution with full juridical personality with an authorized capital of 400 million Islamic Dinars (around USD 620 million). The cumulative business insured by ICIEC, since its inception stood at US$ 16.39 billion.