Mubasher: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has partnered with Japan-based Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, through a memorandum of understanding (MoU) to endorse the existing trade cooperation.

Both NEXI and ICIEC, the export credit and investment insurance agency of Saudi Arabia-based Islamic Development Bank (IsDB) Group, intend to boost and expand their strategic partnership in greenfield projects in the Middle East, Central Asia, and African countries, according to a press release on Tuesday.

The two parties already cooperate in a reinsurance framework that covers projects in ICIEC member countries, while the new partnership is expected to involve the provision of co-insurance and reinsurance.

“ICIEC may assist NEXI in its due diligence process for such projects, including on-site due diligence,” according to the press statement.

Chairman and CEO of NEXI, Atsuo Kuroda, said: “It is expected of such greenfield projects to bring about many positive impacts, such as assisting countries to recover from the COVID-19 pandemic as well as open doors for significant economic development."