LISBON, 26 October 2016 – 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 aimed at expanding mutual business opportunities.
Under the agreement, ICIEC will reinsure commercial and political risks related to medium/long term export credit transactions, which 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 Mr. Oussama Kaissi, Chief Executive Officer of ICIEC and Mr. Kim Youg-hak, Chairman and President of K-sure, on the sidelines of Berne Union/Prague Club Annual General Meetings on October 24-27, 2016 in Lisbon.
Commenting on the agreement, ICIEC Chief Executive Officer Mr. Oussama Kaissi said: “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 mandate to support member countries in attracting foreign direct investments, importing capital equipment and realizing infrastructure projects. ICIEC, as a multilateral insurer, has a privileged relationship with its 44 member countries”.