ICIEC signs revised MOU with NEXI on blended finance

It aims to strengthen investment flows into ICIEC’s 50 member countries.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, has signed an amended Memorandum of Understanding with Nippon Export and Investment Insurance (NEXI), Japan’s export credit agency. 

The deal was concluded in Tokyo on 18 August during a meeting between ICIEC CEO Khalid Khalafalla and NEXI Chairman and CEO Atsuo Kuroda.

The revised MoU expands cooperation on blended finance, project development, and risk mitigation, with the aim of strengthening investment flows into ICIEC’s 50 member countries. 

The partnership, first established in 2019 during TICAD 7, has included a reinsurance framework, a Japan Desk at ICIEC, and joint support for projects such as the Gas Power Plant in Turkmenistan.

The renewed agreement was signed alongside TICAD 9 in Yokohama, highlighting both institutions’ focus on financing and infrastructure development in Africa and other ICIEC member states.