The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding (MoU) with the Korea Overseas Infrastructure and Urban Development Corporation (KIND).
According to Industry sources, this agreement was signed in Korea by Eng. Yasser Alaki, Director, Business Development Department at ICIEC, and by Mr. Byung Chul Won, Executive Vice President at KIND, focuses on to boost collaboration on Public-Private Partnership (PPP) projects in ICIEC Member States and the Republic of Korea.
Industry sources added that this MoU displays the commitment of both parties to operate together on numerous PPP projects, focusing on critical infrastructure, clean energy technologies, and the generation of renewable energy, as well as urban development initiatives within ICIEC Member States.
Eng. Yasser Alaki stated, “This partnership marks a pivotal step in strengthening the ties between our institutions and leveraging our collective expertise to address the pressing infrastructure and development needs of our Member States. By collaborating with KIND, we are committed to driving sustainable growth and innovation through public-private partnerships that can transform communities and economies.”
Industry sources quickly confirmed that the partnership under this MoU displays ICIEC’s commitment to facilitating investment and promoting sustainable development in its Member States. Both organizations look forward to realizing impactful projects that align with their shared objectives.
