BAKU, Azerbaijan, May 7. The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) has identified substantial potential to expand its operations in Azerbaijan, including increasing insurance coverage and attracting additional investments, Yasser Alaki, Director of the Business Development Department at ICIEC, told Trend on the sidelines of a presentation on preparations for the Annual Meeting of the Islamic Development Bank Group in Baku.
“Azerbaijan joined ICIEC in 2020. Since then, we have engaged with numerous partners in the country, notably AZPROMO, which serves as one of our key market collaborators. Our primary focus has been on the financial and industrial sectors. In collaboration with Azerbaijani banks, we aim to support trade finance activities that enable Azerbaijani exporters to access global markets. Additionally, we provide insurance solutions that mitigate the risk of non-payment by importers worldwide,” Alaki explained.
He further emphasized that ICIEC is actively working to enhance the capacity of Azerbaijani banks to confirm letters of credit from diverse countries, as well as to expand financing lines from international banks. These measures are intended to support the growth and development of small and medium-sized enterprises in Azerbaijan.
“In addition, we are working to attract investors to Azerbaijan, both from member countries and from countries outside the organization. By providing insurance coverage, we reduce the risks associated with investing in the country. In this way, we help boost business activity and create new opportunities in the country,” Alaki emphasized.
He also noted that there are plans to expand the portfolio of guarantees and insurance solutions for projects in Azerbaijan: “To date, we have already covered approximately $120 million in business in Azerbaijan, including trade and investment. We believe this is still a modest figure, and we see significant potential for expanding our services in the country. Therefore, we plan to work with our partner AZPROMO, with local banks, as well as with international banks, to attract more investment to the country. We have big ambitions to expand our operations in Azerbaijan, and as part of the group’s annual meetings, we will hold talks with key clients and partners to further grow our business in the country,” Alaki concluded.
