Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Bank Egypt Sign a Documentary Credit Insurance Policy to Support Export Transactions Backed by Letters of Credit Worth USD 50 Million
The DCIP was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt. This underscores the critical role of tailored risk-mitigation instruments in de-risking and enabling cross border trade.
The insurance policy provides a comprehensive coverage for Al Baraka Bank's documentary credit transactions by protecting the bank againt non-payment risk of overseas banks issing letters of credit (LCs). This enables to enlarge its LC confirmation business to support Egyptian exports.
Dr. Khalid Khalafalla, CEO of ICIEC, stated, 'We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports. This collaboration strengthens economic resilience and supports growth across our member states.'
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Contact:
Email: ICIEC-Communication@isdb.org
Follow us on:
X : https://apo-opa.co/4dwPcUh
Facebook : https://apo-opa.co/3FiLj94
LinkedIn : https://apo-opa.co/45vHtDY
YouTube : https://apo-opa.co/4muwzob
Instagram : https://apo-opa.co/44RQNSt
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
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 in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th 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, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and 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.
For more information; visit: http://ICIEC.IsDB.org
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
13 hours ago
- Zawya
GIZ Egypt and Enactus Egypt to organise the second "NextGen Onboard" Employment and Career Summit for Youth
Cairo – GIZ Egypt and Enactus Egypt, in collaboration with iCareer, are organized the second "NextGen Onboard" career summit. This event culminates a successful two-year strategic partnership aimed at bridging the gap between labour market needs and the aspirations of university graduates. The summit seeks to enhance decent employment opportunities and equip youth with the necessary skills to keep pace with evolving labour market demands, as part of joint efforts to achieve a socially just transition. The first career summit achieved remarkable success, with the second summit expected to attract even broader participation from prominent private sector companies seeking to recruit young talent in various vital sectors, including information technology, construction, food industries, and international development. In addition to providing direct employment opportunities, the summit will include specialised workshops and discussion panels focusing on the latest trends in and needs of the job market. Mr. Andreas Ruepp, Head of the Private Sector Development Programme at GIZ Egypt, lauded the profound and transformative partnership with Enactus Egypt. He emphasized that the initiatives like 'NextGen Onboard' and the career summit have been instrumental in catalysing the empowerment and skills development of Egyptian youth. This dynamic collaboration has not only created over 250 new job opportunities but has also exemplified a steadfast commitment to gender equality by ensuring that 50% of these opportunities are dedicated to empowering women. Ms. Fatma Sirry, CEO of Enactus Egypt, stated: "'NextGen Onboard' shows our commitment to developing the skills and potential of young people. Through this partnership, we have been able to provide integrated support and guidance to students and graduates through a selection of the best training experts, enabling them to acquire the necessary skills to successfully integrate into the labour market." It is worth noting that this career summit is held exclusively as part of Enactus Egypt's annual national competition, where students compete by presenting social entrepreneurship projects aimed at solving societal challenges, providing companies with a unique opportunity to connect with Enactus's most distinguished graduates and students. This programme has been implemented for two consecutive years to provide comprehensive support and guidance to students and graduates, effectively connecting them with private sector companies. On behalf of the German Government, GIZ Egypt, through the project Job Partnerships and SME Promotion (JP-SME), is implementing the "NextGen Onboard" programme in partnership with Enactus Egypt. Follow this link for more information about the project: Job Partnerships and SME Promotion in Egypt (JP-SME) (
Zawya
13 hours ago
- Zawya
LG Egypt launches a new phase of its 'Better Home' initiative in Al Beheira to improve living conditions
Cairo, Egypt – Under the slogan 'Life's Good' and within its ongoing partnership with Misr El Kheir Foundation, LG Egypt has launched a new season of its flagship CSR initiative, 'Better Home,' which aims to support the most vulnerable families, provide them with decent and stable living conditions, and enhance their home environment. This phase of the initiative targets support for six of the most deserving families in villages across Al Beheira Governorate by providing them with 6 top-load washing machines and 6 smart televisions. These appliances represent part of the company's contribution to creating a more comfortable and stable living environment for the beneficiary families, thereby improving their daily quality of life. The initiative falls within Misr El Kheir's Home Environment Improvement Program, which focuses on social and engineering interventions to improve housing conditions in the most in-need villages across Egypt, through renovation, reconstruction, or providing basic necessities in accordance with approved procedural standards. This in-kind donation aligns with LG's strategy of truly embodying its slogan 'Life's Good.' The company continuously works to provide material and moral support to vulnerable communities in collaboration with Misr El Kheir, enhancing the foundation's efficiency and contributing to sustainable community development. Mohamed El Gedawy, Marketing and Public Relations Director at LG Egypt, stated: 'LG is not just about providing technological products — we strive to be part of the fabric of Egyptian society. Through this new phase of the 'Better Home' initiative, we reaffirm our commitment to realizing our motto 'Life's Good' by supporting families in underprivileged areas.' Eng. Ahmed Youssef, Senior Director of the Direct Aid Program at Misr El Kheir, added: 'The services offered by Misr El Kheir to eligible families throughout the year through the Humanitarian Aid Department reflect our vital social role across all Egyptian governorates. We're pleased with this collaboration with LG, which is not the first of its kind, as LG has long partnered with us across multiple sectors within the Foundation — a partnership we hope continues.' He also emphasized that this collaboration aligns with Misr El Kheir's broader strategy and mission to nurture and empower individuals in a way that uplifts their humanity. LG Egypt confirmed that this initiative in Al Beheira is only one stop in a series of upcoming phases aimed at expanding the impact of the 'Better Home' program across several governorates — reinforcing the company's role in supporting sustainable development in Egypt.
Zawya
13 hours ago
- Zawya
Qawafil Real Estate Development launches Tri-Hub project in New Cairo with star-studded gala
In a dazzling celebration blending art, investment, and visionary urban development, Qawafel Real Estate Development officially unveiled its latest flagship project, "Tri-Hub," at an exclusive gala held last night at Triumph Hotel in the Fifth Settlement. The event drew an elite gathering of dignitaries, investors, real estate experts, and prominent figures from the economic and business media. Tri-Hub: A Smart Urban Ecosystem Positioned as a next-generation mixed-use complex, Tri-Hub integrates commercial, administrative, and medical facilities within a strategic location near the 90th Southern Axis, adjacent to major universities and high-density residential areas. This prime positioning ensures a dynamic environment that meets community needs while fostering sustainable investment opportunities. Redefining Urban Development In his keynote address, Eng. Mohamed El-Gohary, Chairman of Qawafel Real Estate Development, emphasized that Tri-Hub represents a quantum leap in urban innovation: "Tri-Hub transcends the conventional mixed-use model—it is a smart, interconnected ecosystem designed to bridge professional ambition with modern living. We don't just sell properties; we build trust. For us, customer service isn't a phase—it's the enduring core of our mission." Strategic Partnerships for Excellence The launch event featured representatives from Qawafel's esteemed consulting partners, including: Eng. Mohamed Hafez, CEO of Hafez Consultant (Lead Design Architect). Mr. Bassem El-Sherbiny, CEO of Etqan Business Development (Market & Feasibility Studies). Mr. Yasser Zanoun, Founder of Voice of FM (Facilities Management & Operations). Namaa EXP (Commercial Project Management). This collaboration underscores Qawafel's commitment to delivering cutting-edge infrastructure and architectural excellence through integrated expertise. Event Agenda Highlights The Tri-Hub launch gala featured an exclusive executive program, carefully curated to showcase the project's vision and investment potential: Opening Keynote Eng. Mohamed El-Gohary, Chairman of Qawafel Developments, unveiled the strategic vision behind Tri-Hub, emphasizing its role in redefining smart urban living in New Cairo. Market Positioning & Brand Strategy Mr. Karim Essam, Marketing Director of Qawafel Developments, presented the 360° marketing approach behind Tri-Hub, highlighting its unique value proposition and target demographics. Commercial & Investment Insights Mr. Mohamed Abdel Hakim, Chief Commercial Officer, detailed the project's financial frameworks, ROI projections, and flexible payment plans designed for investors and end-users. Expert Perspectives Panel A special session featuring Tri-Hub's consulting partners: Eng. Mohamed Hafez (Hafez Consultant) – Architectural Innovation Mr. Bassem El-Sherbiny (Etqan) – Business & Financial Cosultant Mr. Yasser Zanoun (Voice of FM) – Smart Facility Management Mr. Samir Tamam (Namaa Exp) - Property Management The agenda seamlessly blended executive insights, technical expertise, and networking opportunities, setting the stage for Rami Sabry's grand finale performance. A Night of Glamour and Promise The gala was elevated by a live performance from Egyptian superstar Ramy Sabry, who captivated attendees with his greatest hits. The event was hosted by TV Presenter Farah Ali and Media Personality Mostafa El-Manshawy, closing on a high note of optimism for Tri-Hub's future. Hut Republic's 360° event management & coverage ensured maximum social media engagement, with live feeds broadcast across all platforms.
