…The MoU signed during the IsDB Group Annual Meetings 2025, held in Algiers, Algeria, is aimed at fostering the exchange of expertise in export credit and investment insurance
FRI MAY 23 2025-theGBJournal| The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Nigerian Export-Import Bank (NEXIM) have signed a landmark Memorandum of Understanding (MoU).
The MoU signed during the IsDB Group Annual Meetings 2025, held in Algiers, Algeria, is aimed at fostering the exchange of expertise in export credit and investment insurance, joint marketing, and the development of tailored products for the export and investment markets.
The deal also establishes a strategic framework to deepen cooperation between ICIEC and NEXIM Bank, with a focus on key areas that will strengthen the export credit and investment insurance landscape.
The collaboration also seeks to promote financial and trade relations while driving economic growth across ICIEC’s member states and beyond.
ICIEC is a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group.
The MoU which is also viewed as a capacity-building initiative, will ensure NEXIM is equipped to sustain long-term benefits, as well enable it leverage its capacity effectively, supported by ICIEC, to achieve its ambitious goals.
Meanwhile, NEXIM has joined the AMAN Union, a professional assembling Commercial and Non-commercial Risks Insurers and Reinsurers in Member Countries of the OIC and Arab Investment and Export Credit Guarantee Corporation (DHAMAN).
Joining the Union, further enhances NEXIM’s outreach within the export credit insurers of the OIC Member States.
The signing ceremony, attended by senior officials from both organizations, was led by Dr. Khalid Khalafalla, ICIEC CEO, and Mr. Abba Bello, Managing Director/CEO at NEXIM Bank.
Abba Bello said, after the signing ceremony, that the partnership aligns with ICIEC’s broader efforts to facilitate trade and investment across its member states and contribute to the realization of sustainable development goals through innovative insurance and reinsurance solutions.
”The cooperation between ICIEC and NEXIM will play a pivotal role in fostering economic stability and enhancing competitiveness for both entities and their respective stakeholders,” he adds.
ICIEC CEO, Dr. Khalid Khalafalla, also weighed in, saying the MoU represents a significant milestone in their commitment to supporting the export and investment sectors across member states.
”By collaborating with NEXIM Bank, we are reinforcing the foundation for increased trade and investment flows, while providing enhanced risk mitigation tools for Nigerian exporters,” Khalafalla said while expressing his enthusiasm about the new partnership.
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