The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have announced their partnership with climate change adaptation and communication projects as key core focus areas.
At COP28, both parties signed a Memorandum of Understanding (MOU) which lays the groundwork for a synergistic partnership facilitating large-scale investments and bolstering economic and social development across common member states of ICIEC and BOAD.
Serge EKUE, President of BOAD, who signed the MOU alongside Oussama Kaissi, CEO of ICIEC, highlighted: “The focus will be on ICIEC providing insurance and credit enhancement solutions in common member states and supporting BOAD’s financing operations.
“Additionally, a capacity-building plan related to credit insurance, particularly within ICIEC’s proposed solutions, is a key component of this collaboration.”
BOAD mission is to advance existing infrastructure and contribute to the economic integration of West Africa, which aligns with ICIEC’s objective of enlarging trade transactions and investment flows, and strengthens the collaboration.
Both institutions aim to leverage this partnership to encourage direct investments and enhance the economic landscape of their common member states.
Kaissi, CEO of ICIEC, stated: “This MOU with BOAD is a significant stride towards upscaling our shared goal of promoting economic growth and sustainable development in our common membership in West Africa.
“Our collaboration is set to unlock new avenues for investment and trade, enhancing our capacity to support impactful initiatives. By working together, we are not just aiming for economic growth but also nurturing a resilient and sustainable future for our member states.”
