BAKU, Azerbaijan, November 27. To date, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has extended insurance coverage totaling $109 million, encompassing $64 million for trade and $45 million for investment-related transactions in Azerbaijan, Oussama Kaissi, CEO of ICIEC, said in an exclusive interview with Trend.
He noted that these figures underscore the organization’s unwavering commitment to supporting Azerbaijan’s economic endeavors.
“ICIEC provided reinsurance support to KazakhExport JSC, the national export credit agency (ECA) of Kazakhstan, for the lease of locomotives to Azerbaijan Railways. The transaction involves the financial leasing of 10 diesel locomotives of Type TE33A by the Industrial Development Fund (lessor) to Azerbaijan Railways, which is the importer/lessee of the locomotives. In 2015, KazakhExport JSC insured the transaction for the full lease period of 10 years, and ICIEC provided facultative reinsurance cover for USD 25 million,” added Kaissi.
The CEO went on to add that from ICIEC’s perspective, the transaction meets the criteria of supporting intra-OIC trade as it involves the export of capital goods from Kazakhstan to Azerbaijan, both ICIEC member countries.
“The transaction also meets SDG 9 of the United Nations, which is pertinent to Industry, Innovation, and Infrastructure. In addition to the Azerbaijan Railways transaction, ICIEC facilitated export transactions from other ICIEC Member Countries to Azerbaijan, totaling $64 million,” he said.
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