MIGA Head Visits ICIEC Headquarters, Jeddah

MIGA Head Visits ICIEC Headquarters, Jeddah

Visit underscores strong relationship with ICIEC, need to support FDI flows

View the Press Release in Arabic

Jeddah, Saudi Arabia, December 10, 2015 – Keiko Honda, Executive Vice President and Chief Executive Officer of the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance and credit enhancement arm of the World Bank Group—arrives in Jeddah on December 10 for meetings with the Islamic Development Bank (IsDB) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Honda's visit underscores the strong partnership among MIGA, IsDB, and ICIEC—the insurance arm of IsDB.

At a time of falling commodity prices, the depreciation of many emerging-market currencies against the US dollar, and stagnant foreign direct investment (on US Dollar basis), the need for the political risk insurance is rising.

"I'm very pleased to visit ICIEC's headquarters to build on the strong relationship we have forged between our organizations," said Honda.  "In the past several years, ICIEC has reinsured four important infrastructure projects of MIGA—all of them transformational for their countries. We are also currently working on other similarly vital projects."

She continued, "I'm also here to raise awareness of the need for cross-border investment in general, especially in sectors that require large amounts of capital, such as power and infrastructure."  Formal cooperation between MIGA and ICIEC as our insurance counterpart began in 1997 with a memorandum of understanding. This agreement was expanded in 2011.

On his part, ICIEC's CEO, Mr. Oussama Kaissi, underlined the important cooperation potential between the two entities, and stated that "we owe it to our common member countries to pool our resources as well as our efforts in supporting critical infrastructure development projects."

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MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment into emerging economies to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfills this mandate by offering political risk insurance and credit enhancement to investors and lenders.

MULTILATERAL INVESTMENT GUARANTEE AGENCY
A Member of the World Bank Group
1818 H Street, NW, Washington, DC 20433

MIGA Contact:
Cara Santos Pianesi, MIGA
Tel: +1.202.458.2097
E-mail: csantospianesi@worldbank.org

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IDB) Group. ICIEC was established on 1st August 1994 as an international institution with full juridical personality. ICIEC provides investment and export credit insurance for the Organization of Islamic Cooperation (OIC) member countries.

ICIEC Contact: Jamel Naga, jnaga@isdb.org

P.O. Box 15722 Jeddah 21454, Kingdom of Saudi Arabia

Tel.: (+966) 12 644 5666 - 646 7594, Fax: (+966) 12 637 9755 - 644 3447