Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Egypt and Arab-African Trade Bridges (AATB) conclude partnership agreement to boost growth and integration

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The Islamic Corporation for Insurance of Investments and Export Credits (ICIEC) (https://ICIEC.IsDB.org) and the Arab Republic of Egypt, represented by the Ministry of Trade and Industry and two other partners of the Arab-Africa Trade Bridges (AATB), have signed a framework agreement to increase economic integration and support sustainable growth in all Arab and African countries.

The two-year framework agreement will focus efforts on promoting trade, particularly in sectors where significant added value is created. In addition, industries that depend on more skilled labor and industries that can promote new investments will receive an additional boost as a result of this work program.

Egypt has been one of the active member states of AATB since joining in 2019 with the aim of improving the movement of Egyptian exports to African markets, bringing the total level of exports to $100 billion over the past few years. next five years. The framework agreement will also support the African Continental Free Trade Agreement (AfCFTA), which is one of the largest free trade areas in the world.

Coordination has been established between the General Secretariat of the Program and the Development Projects Unit of the Ministry of Commerce and Industry of the Arab Republic of Egypt, to design a program of work for the benefit of Egypt, implement projects for the benefit of the Egyptian economy, and help the different sectors to build their capacities.

The agreed activities, which will be implemented between 2022 and 2023, include a trade mission: to Tunisia – at least 100 bilateral meetings have taken place between Egyptian companies and their Tunisian counterparts (concluding initial contracts of over $5 million in 20 companies); and in Nigeria – at least 75 bilateral meetings were held between Egyptian companies and their Nigerian counterparts (concluding contracts worth over $4 million in 15 companies).

The conclusion of agreements and contracts with trading partners across Africa will also be carried out, in collaboration with the African Export-Import Bank (Afreximbank), the International Islamic Trade Finance Corporation (ITFC), including financing and guarantees for several African countries, and participating in an annual seminar to finance trade in Africa.

“Under this framework agreement between Egypt and AATB partners ICIEC, ITFC and Afreximbank, we will foster greater trade flows between the two regions,” CEO of ICIEC, Oussama Kaissi, said. “Increasing economic integration and supporting sustainable development in all Arab and African countries is the mission statement of this long-lasting partnership.”

Distributed by APO Group on behalf of the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC).

Media Contact:
Rania Binhimd, Communications Planner
E-mail: [email protected]

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About ICIEC:
ICIEC was established in 1994 to promote intra-OIC trade and investment by providing risk mitigation tools and Sharia-compliant financial solutions. ICIEC is the largest Shariah-compliant multilateral insurer in the world. It has led the way in providing a comprehensive suite of solutions to businesses and projects in its 48 member states, including credit insurance products. and investment insurance products. Cumulatively, ICIEC has insured more than $83.3 billion in trade and investment since its inception, including $66.13 billion to support member states’ trade and $17.18 billion for international flows. foreign direct investment (FDI) in Member States. ICIEC has provided insurance coverage to entities in 48 Member States, enhancing their prosperity, development and economic diversification.

For the 14th consecutive year, ICIEC has been awarded an “Aa3” financial strength credit rating by Moody’s, ranking the Company among the best in the industry of credit and political risk insurance (CPRI) . ICIEC’s resilience is underpinned by its strong underwriting, reinsurance and risk management policies and practices. For more information visit: http://ICIEC.IsDB.org

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.

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