The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group has entered into a Service Agreement with the Islamic International Trade Finance Corporation (ITFC), Jef Vincent, and ActorX GmbH to create a three-year business plan for the proposed Africa-Arab Guarantee Fund (AAGF). This collaboration is designed to strengthen trade and investment ties between the Arab and African regions, fostering economic integration and mutual growth.
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The agreement was finalized virtually in the last week of November. Mourad Mizouri, AMAN Union Project Manager and speaker during Session 4 of the 14th AMAN Union Annual General Meeting, announced the agreement during a session focused on unlocking trade opportunities between Arab and African regions, underscoring its strategic importance.
As the Coordinator of the Arab-Africa Guarantee Fund, ICIEC is joining forces with ITFC, which represents the Secretariat of the Arab-Africa Trade Bridges (AATB) Program. Together with Jef Vincent and ActorX GmbH, ICIEC aims to provide a clear roadmap for the establishment and operationalization of the Fund. The initiative will include comprehensive market analysis, consultations with stakeholders, and strategic recommendations to ensure that the Fund operates efficiently and sustainably.
The Africa-Arab Guarantee Fund is positioned as a transformative initiative under the AATB Program, aiming to close critical gaps in trade and investment facilitation between the two regions. By delivering innovative guarantee solutions, the Fund is expected to empower businesses and investors and significantly enhance economic opportunities across Arab and African nations.
Commenting on the agreement, Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, said:
“This agreement underscores ICIEC’s commitment to facilitating sustainable economic growth and fostering stronger trade and investment linkages between Arab and African countries. The Africa-Arab Guarantee Fund has the potential to transform trade and investment landscapes in both regions, and this collaboration is a crucial step toward realizing its full potential.”
As a leading multilateral institution providing Shariah-compliant insurance and reinsurance solutions, ICIEC’s role in this collaboration aligns closely with its mandate to promote trade and investment in Member Countries.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Media Contact:
Rania Binhimd
Strategic Planning and Communications Division
T: +966126467578
E: Rbinhimd@isdb.org
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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 50 Member States. ICIEC, for the 17th 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. Additionally, ICIEC has been assigned a First-Time “AA-“ long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 114 billion in trade and investment. ICIEC activities are directed to several sectors including energy, manufacturing, infrastructure, healthcare, and agriculture. For more information, visit: http://ICIEC.IsDB.org
