The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.IsDB.org), the insurance arm of the Islamic Development Bank (IsDB) Group, and Uzbekinvest Export-Import Insurance Company signed a Master Reinsurance Agreement to support exports of Uzbekistan.
The agreement was signed by Mr Oussama Kaissi, Chief Executive Officer of ICIEC, and Mr. Rustam Khalikov, First Deputy Director General, Uzbekinvest.
According to a statement sent to The Union Nigeria, under the agreement, ICIEC will provide reinsurance services to Uzbekinvest for exports of goods and services from Uzbekistan to all over the world, this will enhance the underwriting capacity of Uzbekinvest, hence increasing the country’s exports.
ICIEC has been extending similar reinsurance support to other Member States’ export credit agencies (ECA) and Eximbanks.
Commenting on the agreement Mr Oussama Kaissi said “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”.
