JEDDAH, SAUDI ARABIA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, and the Japan Bank for International Cooperation (JBIC) have signed a landmark Memorandum of Understanding (MoU) to enhance cooperation and support the development of trade and investment flows between ICIEC’s member states and Japan.
This strategic MoU aims to establish a solid collaboration between ICIEC and JBIC by leveraging ICIEC’s insurance services and JBIC’s financial facilities. The partnership will facilitate transactions involving Japanese companies as exporters, EPC contractors, or investors in projects that promote the development of ICIEC’s member states, with a particular focus on Central Asia.
The collaboration is set to significantly boost trade and investment between ICIEC member states and Japan, including initiatives focused on climate action projects such as renewable energy generation.
Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC said “An MoU existed between the IsDB Group and JBIC since 2016. However, the one ICIEC signed with JBIC is linked to the existing Group-level one. He added that “this MOU formalizes and strengthens the longstanding partnership between ICIEC and JBIC and aligns with our shared vision of promoting sustainable economic development in ICIEC member states. By leveraging our respective expertise and resources, we can enhance trade and investment opportunities for the mutual benefit of our stakeholders”. This agreement marks a significant milestone in ICIEC’s ongoing efforts to foster economic growth and development in its member countries through strategic international partnerships.”
