The Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and the African Export-Import Bank (Afreximbank) have decided to advance their bilateral relationship to enhance trade and investment between Arab and African countries.
The two sides signed a Memorandum of Understanding in Cairo with a framework for a range of collaborative initiatives and programs. The MoU was signed by ICIEC Chief Executive Officer Mr. Oussama Kaissi and Professor Benedict Oramah, President and Chairman of the Board of Directors of Afraximbank.
Under the terms of the MoU, the insurance arm of the Islamic Development Bank (IsDB) Group, ICICEC, and Afreximbank, will be jointly involved in risk-sharing arrangements, joint venture development initiatives, fund-raising, information transfer, and capacity building. In addition, the MoU enables ICICE to access Afreximbank’s digital platforms to enhance Arab-African trade.
The signing of this MoU is an important milestone in the relationship between Afreximbank and ICICEC as it coordinates and expands the joint ventures between the two institutions.
Mr. Oussama Kaissi, CEO of ICIEC, welcomed the signing of the MoU, the latest initiative in a long-term cooperation between AfreximBank and ISDB Group.
CEO of ICIEC further stated that “We look forward to effect this wide-ranging MoU with Afreximbank, the leading African trade finance institution whose mandate is to facilitate, promote and expand extra-and intra-African trade. We are confident that the MoU will further consolidate our existing good relations with the bank in our mutual objective of boosting intra-Arab African trade in Member Countries common to both entities, through ICIEC’s tried and tested suite of de-risking and credit enhancement solutions.”
Meanwhile, Professor Benedict Oramah, President of Afreximbank, commented that “We have for some time enjoyed a constructive and productive relationship with ICIEC, and I am delighted that our co-operation has now been formalized in this Memorandum of Understanding. As Afreximbank continues to expand its activities to accelerate Africa’s participation in global value chains, improved trade and investment links with the Arab world will only grow in importance.”
