The Ministry of Industry and Foreign Trade will meet with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Wednesday to discuss the mechanism of activating the memorandum of understanding (MoU) to finance exports.
ICIEC CEO Osama Abdul Rahman Kaissi said the value of the credit-financing package corporation amounted to $5.5bn last year, and it declared in a seminar Monday that it is considering opening headquarters in Egypt in 2016.
The corporation’s project finance portfolio to member states amounted to $5.3bn and its total banking funds amounted to $113bn since it began in 1975 until now.
Kaissi said ICIEC finances joint projects amounted to 400m Islamic dinars, a monetary unit adopted by the Islamic Development Bank, which is the largest shareholder in ICIEC. The unit takes into account the weighting of several different currencies, and equivalent to the International Monetary Fund’s Special Drawing Right.
“The primary objective is to contribute to the financing of projects and the flow of investment and exports. The corporation issued 144 insurance contracts for the benefit of exporters and banks in Egypt to cover export operations,” he said.
“ICIEC’s capital is $640m and the major share of funding comes from the Islamic Development Bank and the largest shareholders are Iran, the UAE, and Kuwait.”
Egypt comes in sixth place in terms of shares in the finance organisation with 2.43%, Kaissi said.
