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10.11.2015

ICIEC and EXIAR sign a Reciprocal Reinsurance Agreement

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and The Russian Agency for Export Credit and Investment Insurance (EXIAR) announced the signing of a Reciprocal Reinsurance Agreement aimed at expanding mutual business opportunities on the 4th November, 2015.

The Agreement aims at supporting various transactions in a wide range of sectors by means of joining expertise and capacity of both ECAs. It is expected to become a platform for mutually beneficial cooperation in the field of export credit and investment insurance between Russia and ICIEC’s member countries. The Agreement foresees the promotion of Russian goods and services and Investments into ICIEC’s member countries, as well as potential joint projects from ICIEC’s member countries, involving Russian participation, to third markets.

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The Agreement was signed on the sideline of Berne Union / Prague Club Annual General Meetings, which took place in Shanghai between 2 and 6 November 2015. The agreement was signed by Mr. Alexey Tyupanov, the Chief Executive Officer of EXIAR, and Mr. Oussama Kaissi, the Chief Executive Officer of ICIEC.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 31 billion. Since November 2014 Eximbank of Russia, a Russian specialized government–owned export–import bank, has been a subsidiary of Russian Agency for Export Credit and Investment Insurance (EXIAR).

 The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was established in 1994 as a multilateral institution member of the Islamic Development Bank (IDB) Group. ICIEC is owned by 43 countries members of the Organization of Islamic Cooperation (OIC) in addition to the IDB. Its mandate is to promote exports and foreign direct investments for its member countries by providing Sharia compliant export credit and investment insurance services. ICIEC is rated Aa3 by Moody’s. 
 

EXIAR External Communications