A Memorandum of Understanding was signed between the Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) and Austrian Export Credit Agency (ECA) Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), according to a press release.
The MoU is an agreement for OeKB and ICIEC to work jointly at increasing projects and investments from Austrian businesses and investors into ICIEC member countries. It will create opportunities for joint strategic projects between the two insurance entities in addition to other forms of cooperation such as technical assistance, training, and capacity building. The resulting trade flows and foreign investments will support sustainable economic development within the OIC.
“ICIEC’s partnership with OeKB encourages Austrian businesses to participate in export transactions and make investments into member countries,” says ICIEC CEO, Oussama Kaissi, “The partnership is a critical move to demonstrate the dynamic and growing market potential that exists in the OIC despite perceived risk, thus incentivizing more western countries to consider the OIC region for foreign direct investment.”
ICIEC’s partnership with peer ECAs and financial institutions in many countries allows for quick and flexible agreements for risk sharing in the form of reinsurance or co-insurance, encouraging both parties to expand their risk appetite for trade transactions and investments.
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