Jeddah: On June 30th, 2020, a Memorandum of Understanding was signed between the Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) and Uzbekistan National Export-Import Insurance Company (Uzbekinvest).
The partnership advances both parties’ respective operational mandates of providing insurance support for trade and investments. Uzbekistan is one of ICIEC’s 47 member countries and partnering with local ECAs allows both entities to extend the capacity of their insurance coverage, creating opportunity for larger trade transactions and development projects.
Uzbekistan is the geographic and population center of Central Asia. The country has a
diverse economy and a young population which totals over 30 million. In recent years’ Uzbekistan has undertaken wide ranging market reforms aimed at increasing jobs and prosperity. The country benefits from abundant natural resources, low public debt, a growing labour force, and a strategic geographic position between China and Europe.
“This partnership is a key building block to support export development and Foreign Direct Investment in Uzbekistan,” says ICIEC CEO, Oussama KAISSI, “We look forward to a fruitful partnership with Uzbekinvest as we advance sustainable economic development in the country.”
The partnership between ICIEC and Uzbekinvest follows the signing of a Partnership Strategy for 2018-2021 between the Government of Uzbekistan and IsDB in 2018 – this strategy is focused on supporting sustainable socio-economic development in Uzbekistan through several bilateral and regional initiatives. The new MoU 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.
-Ends-
About ICIEC
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 to strengthen the economic relations between member countries of the OIC. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.
For media inquiries, please contact:
Rania Binhimd
Rbinhimd@isdb.org
© Press Release 2020
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
