Jeddah: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Atradius Dutch State Business N.V. (Atradius) reiterated for continuous co-operation as part of their joint strategy.
This was announced following the visit of Bert Bruning, Managing Director of Atradius Dutch State Business N.V. (Atradius), one of the leading export credit agencies in the world, and discussed co-operation with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) officials in Jeddah, Saudi Arabia.
During the visit, the two institutions exchanged ideas on enhancing the cooperation between them in order to support business between the Netherlands and ICIEC’s member countries. Atradius and ICIEC have covered joint projects in the last two years for over US$2 billion, where ICIEC has reinsured Atradius for over US$500 million. In particular, infrastructure-related projects in Saudi Arabia and Egypt with high developmental impact have benefited from the ICIEC-Atradius partnership. The two institutions commit sustained cooperation for the benefit of projects in other member countries in the near future.
“Atradius Dutch State Business is very pleased to cooperate with its strategic partner ICIEC to support projects that Dutch companies undertake in ICIEC’s member countries. The broad knowledge and experience of ICIEC is an important and valuable element of our ability to support such large transactions,” Bruning said.
ICIEC provides investment and export credit insurance to facilitate cross border investments and to encourage trade transactions in its 43 member countries in the Middle East, Africa and Asia. ICIEC provides these credit and country risk mitigation instruments in line with the Shariah.