Turkmenistan became a member of the Islamic investment and export credit insurance Corporation

Turkmenistan has become the 47th member state of the Islamic investment and export credit insurance Corporation (ICIEC), a member of the Islamic development Bank group. This is reported by the ICIEC website.

General Director of ICIEC Oussama Kaissi, speaking at the X International gas Congress of Turkmenistan in may 2019, expressed readiness to support Turkmenistan with a special focus on the oil and gas industry.

Kaissi also noted that " Turkmenistan's accession to ICIEC will be beneficial for the economy and population of the country. Reducing risks and increasing ICIEC credit services will contribute to the strengthening and diversification of the country's economy, the growth of exports and investment inflows."

The information notes that since Turkmenistan joined the Islamic development Bank (IDB) group in 1994, the Bank has allocated more than 1 billion 047.5 million us dollars to the country. This assistance is aimed at supporting projects involving the construction of gas pipelines and Railways.

ICIEC was established on August 1, 1994 as an international organization. The Corporation is part of the Islamic development Bank (IDB) Group. Currently, 47 IDB member countries are its members.

ICIEC is a multinational insurance company providing export credit insurance, political risk insurance and reinsurance services.

 

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