ICIEC, a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and OeKB, acting as agent of the Republic of Austria under the Export Guarantees Act, have signed a Framework Reinsurance Agreement to strengthen export credit and investment risk coverage.
This agreement, signed during the 2026 Spring Meeting of the Berne Union, has been designed to expand capacity and enhance risk-sharing for eligible export credit and investment insurance transactions.
Under the agreement, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will provide facultative reinsurance on a case-by-case basis for insurance facilities supported by Oesterreichische Kontrollbank Aktiengesellschaft (OeKB).
The arrangement will help enhance support for Austrian exporters, lenders, and investors undertaking transactions with counterparties in ICIEC Member States, while accelerating trade, investment, and development-oriented projects across key markets.
According to the announcement, the reinsurance arrangement applies to the principal portion of covered credit exposures. Exact participation levels will be mutually decided and documented on a transaction by transaction basis.
The agreement blends OeKB’s export credit insurance expertise with ICIEC’s multilateral mandate and specialised regional risk insights.
By unlocking extra financial capacity, the partnership aims to drive stronger economic connectivity, private sector growth, and sustainable development.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, commented: “Building on the reinsurance agreement signed between ICIEC and OeKB in 2023, this Framework Reinsurance Agreement marks another important step in deepening our institutional cooperation.
“It provides a practical platform to expand reinsurance capacity, enhance risk-sharing, and support eligible export credit and investment insurance transactions involving Austria and ICIEC Member States. Through this partnership, ICIEC will continue to help mitigate risks, mobilise trade and investment, and support transactions that contribute to sustainable economic growth and development impact across our Member States.”
Gerhard Kinzelberger, Senior Director, International Relations & Country Analysis, said: “Many member countries of ICIEC are dynamically growing, interesting markets for Austrian export companies. We are therefore very pleased about the conclusion of this reinsurance agreement, with which we can support Austrian exporters in OIC member states even better in their projects and investments”
This Framework Reinsurance Agreement strengthens cooperation between ICIEC and OeKB to expand insurance capacity and increase trade and investment between Austria and ICIEC Member States.
The agreement also underscores how reinsurance partnerships help mitigate risks, strengthen market confidence, and support sustainable economic development.
