Jeddah, KSA: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of Memorandum of Understanding (MoU) with the Mauritania Investment Promotion Agency (APIM) on the sidelines of the IsDB Annual Meeting 2023.
The MoU aims to foster collaboration between the two institutions with a focus on increasing foreign direct investment (FDI) into Mauritania by leveraging the comprehensive derisking solutions offered by ICIEC. The partnership marks a significant step towards transforming Mauritania's economy through sustainable and diversified investments.
Under the MoU, ICIEC and APIM will work closely to develop and promote investment opportunities in Mauritania by identifying potential sectors and projects and providing essential support by lowering risks for foreign investors. This strategic cooperation is expected to create a more conducive environment for investment, stimulate entrepreneurship and business growth, and create new employment opportunities in the country.
The CEO of ICIEC, Oussama Kaissi, said, "The collaboration with APIM is a testament to our commitment to supporting the economic growth and diversification of Mauritania. By providing innovative derisking solutions, we aim to attract meaningful investment into the country, contributing to the overall progress and development of Mauritania's economy."
With this MoU, ICIEC and APIM are poised to pave the way for a new era of economic growth and prosperity in Mauritania, benefiting from the commitment, collaboration, and mutual support of both institutions.
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$ 95bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
