New MoU paves the way for greater private investment among ICIEC member countries.
WASHINGTON DC, April 4, 2019 – MIGA, the political risk insurance arm of the World Bank Group, and ICIEC, a member of the Islamic Development Bank Group that provides investment and export credit insurance for Islamic countries, signed a Memorandum of Understanding today. The MoU envisions greater cooperation in utilizing the Agencies’ respective financial products in joint projects.
Products included in this arrangement include political risk insurance and credit enhancement, through co-insurance and reinsurance arrangements.
The MoU also calls for greater coordination on marketing and underwriting on joint projects.
“I am very pleased to renew our commitment to greater cooperation with ICIEC,” said Keiko Honda, CEO of MIGA. “This MoU charts a course for more private capital and investment across ICIEC member countries.”
The MoU lays out a commitment to stronger cooperation on identifying new projects, while deepening ties between the two Agencies and potential private sector investors.
“The relationship between ICIEC and MIGA is a longstanding one. I am confident that this new MoU will reinvigorate the cooperation between the two institutions in supporting our common member countries,” said the CEO of ICIEC, Oussama Kaissi. “It will facilitate the pooling of our resources in catalyzing private sector investments and boosting FDI inflow”.
ICIEC is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established to provide investment and export credit insurance solutions compliant with Shariah principles and also to strengthen the economic relations between member countries of the Organization of the Islamic Cooperation. ICIEC´s Investment Insurance Solutions for banks and financial institutions provide protection against losses caused by non-commercial risks such as political risks and non-honouring of financial obligations by the sovereign or sub-sovereign
MIGA was created in 1988 as a member of the World Bank Group to promote foreign direct investment in emerging economies by helping mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war & civil disturbance; and offering credit enhancement to private investors and lenders.
Since its creation, MIGA has directly supported over $52 billion in investments for over 850 projects in 111 developing countries.
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