Islamic Development Bank recognizes KazakhExport as “Export Credit Agency of the Year”
Kazakhstan's export credit agency KazakhExport received the prestigious "Export Credit Agency of the Year" award for its successful cooperation with the the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the reinsurance organization of the Islamic Development Bank, Kazinform News Agency correspondent reports, citing Kazakh Export.
This award recognizes significant contributions to the development of the country's export potential and achievements in the field of trade finance and investment insurance.
Today, almost all export letters of credit insured by the Export Credit Agency of Kazakhstan are covered by ICIEC reinsurance protection on an obligatory basis. Currently, this agreement includes about 20 issuing banks from countries far and near abroad. In addition to letters of credit, ICIEC also supported KazakhExport's insurance for leasing deliveries of domestic locomotives to Azerbaijan, taking on more than two-thirds of the risk.
“This partnership strengthens intra-OIC trade and aligns with the UN's SDG 9 on industry, innovation, and infrastructure. Congratulations to Kazakh Export for its outstanding impact on sustainable development and regional economic growth!” says ICIEC in social media.
During the meeting, the heads of KazakhExport and ICIEC discussed prospects for expanding cooperation, including opportunities for reinsurance of loans issued for the development of Kazakhstan exports.
The head of ICIEC, Oussama Kaissi, emphasized the importance of further development of Kazakhstan exports as a key factor in improving living standards, ensuring food security and sustainable development of the entire region.
Source: inform.kz
