The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Korea Trade Insurance Corporation (K-sure) have signed a reinsurance agreement to expand business opportunities between the two institutions.

Under the agreement, ICIEC will reinsure commercial and political risks related to medium and long-term export credit transactions that involve Korean exporters and contractors selling capital goods and services to ICIEC member countries. ICIEC will also extend reinsurance support to K-sure for Korean investors investing in ICIEC member countries.

The agreement was signed by Oussama Kaissi, ICIEC CEO and Kim Youg-hak, chairman and president of K-sure (pictured).

Commenting on the agreement, Kaissi says: “The partnership between ICIEC and K-sure is timely given the increasing involvement of Korean investors and contractors in projects in member countries. It is ICIEC’s mandate to support member countries in attracting foreign direct investments, importing capital equipment and realising infrastructure projects.”

ICIEC has previously signed similar agreements with other ECAs, including Russia’s Exiar and Italy’s Sace.