Jeddah: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, has unveiled an ambitious initiative, offering insurance coverage to 50 IsDB member countries. This substantial commitment is valued at $2.35 billion and aims to bolster the economic resilience and sustainable development of these nations.

According to Saudi Press Agency, ICIEC’s initiative is strategically aligned with the developmental goals of the 50 member states, particularly emphasizing the enhancement of credit facilities, flexible economic solutions, and robust strategies for the mitigation of and adaptation to climate change risks. A significant focus of the insurance coverage is on clean energy projects, including solar energy systems and wind farms, facilitating their import and integration into national infrastructure projects.

Moreover, ICIEC’s climate change policy positions the corporation as a model institution, actively increasing its involvement
and support in sustainable projects and programs across member states. This initiative underlines ICIEC’s dedication to driving sustainable development through innovative financial solutions tailored to the specific needs of its member countries.