KUKE and ICIEC sign a Memorandum of Understanding for Cooperation
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and KUKE, the national Export Credit Agency (ECA) of Poland, have signed a cooperative Memorandum of Understanding (MoU).
The signing of this MoU signifies the growing interest of Polish exporters and investors to conduct business in the OIC region, and vice-versa. Due to the implications of the COVID-19 pandemic, demand is growing for insurance guarantees in markets where credit and political risks pose a greater challenge. Through the signed MoU, ICIEC and KUKE will work together to provide risk mitigation solutions for businesses and investors.
The MoU is designed to strengthen the existing collaborative efforts between the two insurance providers, enhancing their capacity to support trade and investment between Poland and ICIEC’s 47 member countries. In addition, the MoU encourages further forms of cooperation, including technical assistance and capacity building.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established in 1994 as a multilateral institution to strengthen the economic relations between member countries of the OIC. ICIEC is rated Aa3 by Moody’s with a stable outlook. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through the provision of Shariah compliant risk mitigation tools and financial solutions.