The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a multilateral credit and political risk insurer and a member of the IsDB Group, and the Global Green Growth Institute (GGGI), forged a transformative partnership by signing a Memorandum of Understanding (MoU) during COP 28. The MoU was signed by ICIEC CEO Oussama Kaissi and Dr. Frank Rijsberman, Director General of GGGI.
The collaborative efforts between ICIEC and GGGI are poised to make a significant impact on sustainable economic development. The partnership encompasses linking ICIEC's credit and political risk insurance tools to funds, transactions, and projects in common Member and Partner States. A key focus is on scaling up climate-resilient agriculture and catalyzing the transformation of food systems in Africa and the Middle East, through the Africa and Middle East SAFE Initiative. Additionally, the two entities will jointly engage Member States to support their Nationally Determined Contributions, utilizing ICIEC's de-risking capabilities alongside multilateral and private sector financing. The collaboration extends further to providing thought leadership and support for the development of scalable risk mitigation structures, solidifying the commitment to fostering a greener and more resilient future. Furthermore, the partnership will include capacity building, knowledge product development, and the exchange of technical expertise in Climate Risk and Vulnerability Assessment.
Oussama Kaissi, CEO of ICIEC, emphasized the significance of the collaboration, stating, "This strategic partnership with GGGI underscores our unwavering commitment to sustainable economic development. By connecting ICIEC's insurance solutions to projects in Member States, we aspire to bring about a tangible impact, with a specific focus on the expansion of climate-resilient agriculture and the transformation of food systems in Africa and the Middle East. Our de-risking capabilities, in conjunction with active engagement in achieving climate goals and the creation of scalable risk mitigation structures, demonstrate our steadfast dedication to nurturing a greener and more resilient future. Going beyond financial instruments, our comprehensive approach encompasses capacity building, knowledge development, and the exchange of technical expertise in Climate Risk and Vulnerability Assessment."
Dr. Frank Rijsberman, Director General of GGGI, highlighted the collective impact of the collaboration. "There is a real opportunity to bring transformative change to the food systems in both the Africa and the Middle East regions," Dr. Rijsberman said. "De-risking and private sector financing will be key to realizing the potential and benefiting millions of people whose lives and livelihoods are under threat due to the climate crisis. Through this collaboration, we aim to develop scalable risk mitigation structures for a greener, more climate-resilient future," Dr. Rijsberman added.
ICIEC and GGGI play a pivotal role in advancing sustainable economic development, addressing climate challenges, and achieving global environmental goals.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Media Contact:
Mrs. Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org
Media Contact:
Mona Laczo
Head, Communication and Knowledge Sharing Unit
Email: communicaitons@gggi.org
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About ICIEC:
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States, promote intra-OIC trade, and facilitate investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has delivered a comprehensive suite of solutions and services to the public and private in its 49 Member States and globally. The products' suite includes Documentary Credit Insurance Cover, Credit Insurance Cover, Bank Master Policy, Non-Honouring of Sovereign Financial Obligation, and Investment Insurance Products. ICIEC has maintained for 15 consecutive years an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 100bn in trade and investment directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, visit: http://ICIEC.IsDB.org
About GGGI:
The Global Green Growth Institute (GGGI) was founded as a treaty-based international, inter-governmental organization in 2012 at the United Nations Conference on Sustainable Development. GGGI supports its Member States in transitioning their economies toward a green growth model that simultaneously achieves poverty reduction, social inclusion, environmental sustainability, and economic growth. With 48 Member States and over 22 Partner countries and regional integration organizations in the process of accession, GGGI delivers programs and projects in over 40 countries. These initiatives encompass developing innovative green growth solutions, technical support, capacity building, policy planning & implementation, and assistance in building a pipeline of bankable green investment projects, project financing, investments, and knowledge sharing. GGGI's work contributes to its Member States’ efforts to fulfill the Sustainable Development Goals and the Nationally Determined Contributions to the Paris Agreement.
For more information, visit: https://GGGI.org
