ICIEC and GE Vernova Collaborate to Promote Sustainable Projects Across Member States

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ICIEC & GE Vernova
ICIEC Join Forces with GE Vernova at COP 28

DUBAI: In a landmark event during COP 28, ICIEC and GE Vernova have formalized their collaboration through a Memorandum of Understanding (MOU) to promote sustainable development and climate action across ICIEC’s 49 member states. The MOU establishes a cooperative framework to leverage ICIEC’s suite of insurance and credit enhancement solutions, alongside GE Vernova’s expertise in energy sectors focusing on renewable energy.

The collaboration between ICIEC and GE Vernova aims to accelerate the deployment of capital, goods, and services necessary for sustainable energy projects in ICIEC member states. The partnership reflects their dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards.

Mr. Oussama Kaissi, CEO of ICIEC, emphasized this cooperation’s developmental potential, stating, “Our collaboration with GE Vernova is a significant stride towards fulfilling our mandate of promoting sustainable development and climate action. By combining our strengths, we are uniquely positioned to advance the Sustainable Development Goals and support our member states in meeting their commitments under the Paris Agreement.

ICIEC and GE Vernova share a mutual aspiration of empowering economies and enhancing the quality of life through sustainable energy solutions. The collaboration is expected to accelerate the deployment of capital, goods, and services necessary for sustainable energy projects in ICIEC member states.

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States, promote intra-OIC trade, and facilitate investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has delivered a comprehensive suite of solutions and services to the public and private in its 49 Member States and globally.

The collaboration between ICIEC and GE Vernova is a significant step towards promoting sustainable development and climate action across ICIEC’s 49 member states. The partnership is expected to accelerate the deployment of capital, goods, and services necessary for sustainable energy projects, reflecting their dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards.

The products’ suite includes Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. ICIEC has maintained for 15 consecutive years 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. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 100bn in trade and investment directed to specific industries, manufacturing, infrastructure, healthcare, and agriculture.

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