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News

06.09.2021
09:43

Cooperation between EXIAR and ICIEC will allow reducing risks associated with new projects in Islamic countries

Within the framework of the 46th Annual Meeting of the Board of Governors of the Islamic Development Bank (IDB), EXIAR JSC (part of the REC Group) and ICIEC (part of the Islamic Development Bank Group) signed an updated reinsurance agreement. The updated document opens up broad opportunities for supporting Russian export in the OIC countries.

The partnership with ICIEC will allow to distribute risks under the projects that are implemented in Uzbekistan, Egypt, and Turkey, which have already established themselves as reliable partners of the Agency, and will also provide an additional insurance buffer when implementing new projects in Africa and Asia.

“Cooperation with export credit agencies and international insurers is a key element of our strategy. The role of ICIEC as an institution for the development of trade in the region, as well as the status and influence of ICIEC in the countries - members of the Islamic Development Bank provides us with a unique tool for the implementation of new projects. We have much in common both in the countries where we have traditionally supported our exporters and in the markets, in which we seek to expand our presence. This year we have already signed the first deal on joint project support in Uzbekistan. The renewal of the reinsurance agreement should create a solid base for the implementation of new large-scale projects,” Nikita Gusakov, General Director of EXIAR JSC, Senior Vice President of REC.

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Russian Agency for Export Credit and Investment Insurance JSC (EXIAR) was established in 2011. It’s main goal is to support the export of Russian products abroad by insuring exporters against credit and political risks under export credits, as well as by insuring investments against political risks. The company’s sole shareholder is Russian Export Center JSC (part of VEB.RF).

ICIEC (Islamic Corporation for the Insurance of Investment an Export Credit) is a member of the Islamic Development Bank Group. ICIEC was founded in 1994 as a multilateral institution to strengthen economic relations between the OIC countries. Its mission is to facilitate trade and investment in the member countries and the world by providing Sharia-compliant risk mitigation tools and financial solutions.