The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Secures 9 Strategic Deals and Agreements worth more than USD 700 Million to Spur Development across its Member States at the 2025 Islamic Development Bank (IsDB) Group Annual Meetings
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, closed the IsDB Group Annual Meetings in Algiers (19‑22 May 2025) on a high note, finalising 9 agreements and Memoranda of Understanding (MoU) valued at more than USD 700 million.
Concluded under the Annual Meeting theme “Diversifying Economies, Enriching Lives,” the signings reinforce ICIEC’s role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation’s mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions.
Highlights include an inward quota‑share treaty with Algeria’s CAGEX that supports Algerian exports; partnership frameworks with Nigeria’s NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d’Ivoire’s landmark Tour F government complex, Türkiye ’s Nakkaş‑Başakşehir Motorway, financing to Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman’s expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million.
Held within the 13th Private Sector Forum, ICIEC’s High‑Level Panel Discussion—“Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment” convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states.
Dr. Khalid Khalafalla, CEO of ICIEC, said: “These agreements epitomise ICIEC’s mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC’s cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.”
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Contact:
Email: ICIEC-Communication@isdb.org
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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World’s only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an “Aa3” insurance financial strength credit rating (IFSR) from Moody’s, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time “AA-” long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC’s resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information: visit: http://ICIEC.IsDB.org
