Tokyo—[19 August 2025] The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, is pleased to announce the signing of an amended Memorandum of Understanding (MoU) with Nippon Export and Investment Insurance (NEXI), Japan’s official Export Credit Agency. The signing ceremony was held in Tokyo on August 18, 2025, during a bilateral meeting between Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Atsuo Kuroda, Chairman and CEO of NEXI.
The amended MoU aims to broaden the scope of cooperation between ICIEC and NEXI, with a particular focus on innovative financing mechanisms such as blended finance. The agreement also seeks to enhance coordination in project development and risk mitigation, leveraging ICIEC’s deep regional expertise and mandate to support investment flows into member countries.
The partnership between ICIEC and NEXI was first formalized in 2019 during TICAD 7, where both parties recognized the urgent need for infrastructure development across the African continent and the potential for Japanese companies to play a catalytic role in that effort. Since then, the collaboration has evolved through several key initiatives, including the establishment of a reinsurance framework, the launch of a dedicated Japan Desk within ICIEC to facilitate engagement with Japanese enterprises, and joint support for strategic projects such as the Gas Power Plant Construction Project in Turkmenistan.
This renewed MoU coincides with the Ninth Tokyo International Conference on African Development (TICAD 9) in Yokohama and reflects the shared commitment of both institutions to advancing sustainable development and investment in Africa and other ICIEC member countries.
Commenting on the occasion, Dr. Khalid Khalafalla, CEO of ICIEC, stated: “This renewed MoU with NEXI marks a significant milestone in our enduring partnership. By expanding our collaborative framework, we are better positioned to support transformative projects in our 50 Member Countries. We look forward to working closely with NEXI to mobilize financing, de-risk infrastructure initiatives, and foster inclusive growth across our member states”.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
As a member of the “AAA” rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has
reaffirmed ICIEC’s “AA-“ long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC’s resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors—energy, manufacturing, infrastructure, healthcare, and agriculture.
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