BAKU, Azerbaijan, May 7. The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) intends to support the expansion of Azerbaijani companies and attract foreign investors to the country, Regional Manager at the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Zishan Iqbal said, Trend reports.
He made the statement at a presentation dedicated to preparations for the Annual Meeting of the Islamic Development Bank Group.
"Our cooperation with Azerbaijan will continue, especially with the Agency for the Promotion of Exports and Investments of the Republic of Azerbaijan, AZPROMO. If the agency is negotiating with international investors interested in investing in Azerbaijan, we act as a partner that helps protect investments and strengthen investor confidence through political risk insurance," Zishan Iqbal noted.
According to him, another important area is expanding our presence in the region. "We can play a significant role in supporting large companies implementing regional projects. We have held productive meetings with SOCAR Green, South Gas Corridor CJSC, as well as with several banks in Azerbaijan," the ICIEC's Asia Regional Manager said.
He added that ICIEC intends to play an active role in their expansion plans, particularly in the areas of project financing and attracting Chinese, Korean, Japanese, Indian, and other international companies to Azerbaijan.
"We intend to facilitate this process in partnership with multilateral financial institutions, commercial and international banks, infrastructure funds, as well as our subsidiaries, such as ICD and ITFC. In addition, in one of the CIS countries, our sister organization reached its country risk limit and maximum allowable exposure level, and we, as the IsDB Group’s export credit insurance arm, helped reduce and assume part of these risks, which allowed the organization to increase financing and continue implementing transactions,” Iqbal noted.
