09 Sep

ICIEC Welcomes the Republic of Turkmenistan as Member Country

Turkmenistan is home to nearly 6 million people and a vibrant, fast growing economy.

Press Release

JEDDAH: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Turkmenistan has joined the membership of ICIEC to become its 47th member country.

Turkmenistan is home to nearly 6 million people and a vibrant, fast growing economy. The future of the Central Asian country looks bright as it benefits from an abundance of natural resources, a strong agricultural sector as well as low public debt and a youthful labor force.

Turkmenistan joined the IsDB Group in 1994. Since their accession, IsDB has contributed a substantial amount of development assistance, totaling 1,047.5 million USD.  This assistance has supported the country with projects ranging from the development of natural gas pipelines to the construction of railways. Turkmenistan’s entry into membership comes not long after the participation of ICIEC CEO Oussama Kaissi at the 2019 Turkmenistan Gas Congress. At the Congress, Mr. Kaissi expressed his readiness to extend ICIEC support to Turkmenistan, with a particular focus on the oil and gas sector.

On Turkmenistan’s accession to ICIEC, Mr. Kaissi stated: “Turkmenistan’s membership to ICIEC marks the onset of a relationship which is both exciting for ICIEC and beneficial for the economy and people of Turkmenistan.  ICIEC’s risk mitigation and credit enhancement services will act as catalysts for the strengthening and diversification of the country’s economy, supporting both increased exports and inward investment.  ICIEC’s services will allow exporters, banks and investors from member and non-member countries alike to cover political and commercial risks related to their operations in Turkmenistan.”

-Ends-

About ICIEC

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. The driving ambition behind the creation of ICIEC was to strengthen the economic relations between member countries of the OIC on the basis of Islamic Shariah. ICIEC’s vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through Shariah-compliant risk mitigation tools.

Originally published on https://www.zawya.com

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