The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and a member of the Islamic Development Bank (IsDB) Group has signed a landmark Reinsurance Agreement with Compagnie Algรฉrienne dโAssurance et de Garantie des Exportations (CAGEX), Algeria’s national export credit agency.
The agreement was formalized during the 14th Annual General Meeting of the AMAN Union in Algiers, Algeria, underscoring the shared commitment of both institutions to enhance trade and investment across member countries. This strategic partnership aims to bolster export credit insurance capacity, facilitating greater support for exporters and investors navigating the global market.
As part of this important initiative, ICIEC will collaborate closely with CAGEX to offer comprehensive reinsurance solutions. This collaboration aims to enhance CAGEX’s capacity to underwrite larger volumes of export credit insurance, thereby empowering Algerian exporters to confidently expand into new markets.
Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, commented on the agreement: “We are delighted to enter into this strategic partnership with CAGEX, which signifies a significant step forward in our mutual efforts to enhance trade and investment among our member countries. This reinsurance agreement not only strengthens our collective capacity to support exporters but also underscores our commitment to fostering sustainable economic growth and regional prosperity through effective risk mitigation.”
The collaboration between ICIEC and CAGEX is poised to significantly alleviate the challenges that exporters face, particularly in navigating the commercial and political risks inherent in international trade. By strengthening risk mitigation mechanisms, this agreement aims to create a more secure environment for export activities, ultimately fostering economic resilience and encouraging diversification.ย
