Jeddah: The Board of Directors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IDB), facilitated $4.3 billion exports and investments for its member countries representing an increase of 29% compared to previous year.
This was announced as the ICIEC cleared the Annual Report and the financial statements for 1435H, at its recent meeting held in Jeddah.
The Board recommended that the financial results and the annual report be submitted for approval to the 22nd meeting of the Board of Governors of ICIEC scheduled to be held in Maputo, Republic of Mozambique, on 11 June, 2015.
The Annual report shows a growth in export credit and political risk insurance business volume.
“This growth in business was a result of the strong partnership with our partners in member countries, as well as the international players in making transactions happen during these critical situation in the region as well as in the world,” Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC, said.
The Board of Directors also endorsed the 10-year strategic framework of the Corporation, and appointed new external financial auditors for 1437H (2016).