The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and African Export‑Import Bank (Afreximbank) are pleased to announce the signing of a memorandum of understanding (MoU) to strengthen their cooperation in promoting trade and investment flows across Arab and African countries.
The MoU was signed in Cairo, Egypt, on 27 October 2025 by Eng. Yasser Alaki, Director of the Business Development Department at ICIEC, and Mr. Kofi Asumadu Addo, Director, Guarantees and Specialised Finance at Afreximbank who represented the Bank’s Executive Vice President, Global Trade Bank, Mr. Haytham ElMaayergi.
The partnership provides a robust framework for collaboration, enabling the two parties to harmonise their efforts in supporting Arab-African businesses seeking regional market opportunities while facilitating practical information exchange in areas where access to trade and investment intelligence has been limited. Through the cooperation, ICIEC and Afreximbank will align their strategic decision-support tools, developing synergies to better serve public- and private-sector actors across their respective networks.
Areas of cooperation covered in the MoU include risk-sharing mechanisms, which will underpin Afreximbank’s efforts to mobilise financing in support of trade; a structured exchange of information to strengthen the outreach and insight of both institutions; support for Afreximbank’s digital platforms; access for both partners to TRADAR Club offerings, such as TRADAR Intelligence (TIP) and TRADAR Regulations (TRIP); joint capacity-building and advisory services; collaborative work in marketing, promotion and product development; and deployment of the AfrexInsure initiative to maximise risk mitigation and trade-finance tools.
Eng. Yasser Alaki, Director of the Business Development Department at ICIEC commented, “This partnership marks a milestone in our shared commitment to inclusive and sustainable trade and investment across the Arab-Africa corridor. By combining ICIEC’s risk-mitigation expertise with Afreximbank’s expansive financing and advisory platform, we are enabling businesses to move from ambition to action. Together, we will unlock new opportunities and deliver strategic value-add to trade flows that benefit our member countries and private-sector partners.”
Commenting on the MoU, Mr Haytham ElMaayergi, Executive Vice President of Global Trade Bank at Afreximbank noted, “This MoU is a testament to the long-standing relationship between Afreximbank and ICIEC aimed at deepening Arab-Africa trade. It is expected to generate mutually beneficial and meaningful outcomes in areas such as market development, risk-sharing, digital innovation, and capacity building. Both institutions look forward to advancing our joint initiatives, including the achievement of the strategic objectives of the Arab African Trade Bridge.”
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
As a member of the Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to counterparts in its 51 Member States. ICIEC, for the 18th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC’s “AA-” long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC’s resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors—energy, manufacturing, infrastructure, healthcare, and agriculture.
Source: Afreximbank