NEXI Signs MOU with the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC)
Nippon Export and Investment Insurance
Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Atsuo Kuroda) has concluded a memorandum of understanding (MOU) with the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC). The online signing ceremony was held on November 29th, 2021.
Acknowledging that there is great potential for Japanese companies to enter the African market given the region’s strong demand for infrastructure development, in August 2019, NEXI and ICIEC signed an MOU to establish a partnership. Under this MOU, the two institutions have created a reinsurance framework which NEXI will utilize to support Japanese companies’ project development.
The purpose of the newly signed MOU is to expand and strengthen NEXI and ICIEC’s partnership through the reinsurance framework as well as other methods. Under the new MOU, NEXI and ICIEC will explore project development support through collaborative loan insurance and aim to promote Japan’s infrastructure export to Africa as well as to support countries which economic growth potential and business opportunities for Japanese companies are impeded by the COVID-19 pandemic.
The establishment of the reinsurance framework and conclusion of the MOU is an accomplishment in line with NEXI’s LEAD Initiative. Through collaboration with ICIEC, NEXI will advance the LEAD initiative to help solve social challenges and achieve SDGs in countries which Japanese companies operate in.
Through advancing the LEAD initiative and by developing partnerships with foreign governments, NEXI will continue to actively support the effort of the Japanese government to address its diplomatic/trade issues, to promote infrastructure exports, and to provide financial support for cooperation projects that will contribute to strengthen bilateral economic ties in order for Japan to secure resources in the future.
＜Key points of the MOU＞
- 1. Discussions on supporting development of new projects through collaborative loan insurance.
- 2. Exchange of information on individual projects.
- 3. Consideration on reinsurance for individual projects.
- 4. Strengthening partnership through exchange of staff / personnel and training.
- 5. Exchange of views and information on countries / regions and sectors.
＜Overview of ICIEC＞
The Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) is a member of the IsDB Group, founded in 1994 as an international financial institution. With the aim of accelerating investment and trade in Islamic nations, the ICIEC provides investment insurance, export credit insurance and others. It is capitalized at approximately USD 400 million, joined by 46 member countries and headquartered in Jeddah, Saudi Arabia.
http://iciec.isdb.org/
Contact:
Natural Resources Group I, Structure and Trade Finance Insurance Department
Tel: ＋81-3-3512-7672