The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Uzbekinvest Export-Import Insurance Company have signed a Master Reinsurance Agreement to support Uzbekistan exports.
The agreement was signed by Oussama Kaissi, Chief Executive Officer of ICIEC, and Rustam Khalikov, First Deputy Director General, Uzbekinvest.
Under the agreement, ICIEC will provide reinsurance services to Uzbekinvest for exports of goods and services from Uzbekistan across the globe.
ICIEC suggests that this will enhance the underwriting capacity of Uzbekinvest, thus increasing the country’s exports.
ICIEC also states it has been extending similar reinsurance support to other Organization of the Islamic Cooperation Member States’ export credit agencies (ECA) and Eximbanks.
Kaissi commented on the agreement, saying, “ICIEC welcomes this partnership with Uzbekinvest which will strengthen our efforts in providing reinsurance in export credits, especially in the CIS region.
“It is believed that there is strong demand for export credit insurance from business communities, especially after the economic crises and political turbulence in certain countries.”
In June last year, ICIEC and Saudi EXIM Bank signed reinsurance agreements during the Islamic Development Bank’s Private Sector Forum to help facilitate the flow of trade finance into and out of the Kingdom of Saudi Arabia.
