The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Japan Bank for International Cooperation (JBIC) have recently inked a pact aimed at amplifying trade and investment activities between Japan and nations that are members of the ICIEC. This collaboration is expected to harness ICIEC’s prowess in insurance and JBIC’s financial expertise to propel transactions with Japanese businesses as the primary exporters, contractors, or investors in the ICIEC member states, with a particular emphasis on Central Asia.
A pivotal component of this collaboration is the support for environmental sustainability projects, notably those focusing on renewable energy. Dr. Khalid Khalafalla, ICIEC Officer-in-Charge, expressed that this memorandum not only builds upon an earlier agreement with the Islamic Development Bank Group but also aims to intensify the already strong ties with JBIC.
‘By combining our strengths, we can create new opportunities for trade and investment that benefit our stakeholders,’ Khalafalla stated, highlighting the potential synergistic benefits of this alliance.
This agreement signifies a major leap in ICIEC’s endeavor to stimulate economic development in its member countries by forming strategic alliances.