Jeddah, KSA- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and the Joint-Stock Commercial Bank "Microcreditbank" (MKBANK) have signed a Memorandum of Understanding (MoU) to bolster collaboration aimed at supporting trade, exports and investments in the Republic of Uzbekistan.

The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Jumaniyazov Ikram, Deputy Chairman of the Management Board of MKBANK.

Under the arrangement, both parties will work closely to identify potential areas for collaboration, provide technical assistance, and design and implement trade and investment initiatives.

The partnership aims to further develop the Islamic financial landscape and encourage sustainable development investments in Uzbekistan. Mr. Kaissi expressed his enthusiasm for the cooperation, saying, "ICIEC is committed to strengthening the ties between our two organizations, fostering sustainable growth and boosting trade and investment in Uzbekistan. This MoU allows us to combine our efforts and expertise to promote economic development in the country."

The Memorandum of Understanding marks a new chapter in the partnership between ICIEC and MKBANK and paves the way for a stronger, more prosperous Uzbekistan.

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States, including Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligations, and Investment Insurance Products. ICIEC, for the 15th consecutive year, maintained 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$ 99bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://iciec.isdb.org       

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