Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Jeddah-based Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group, and the Japan Bank for International Cooperation (JBIC) have signed a Memorandum of Understanding (MoU) to enhance cooperation and support the development of trade and investment flows between ICIEC’s member states and Japan.

ICIEC said in a statement that the MoU aims to establish collaboration with JBIC leveraging ICIEC’s insurance services and JBIC’s financial facilities. 

The partnership will facilitate transactions involving Japanese companies as exporters, EPC contractors, or investors in projects that promote the development of ICIEC’s member states, with a particular focus on Central Asia.

Cumulatively, ICIEC has insured more than $108 billion in trade and investment since its inception in 1994 within energy, manufacturing, infrastructure, healthcare, and agriculture sectors across its 49 member states.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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