The Board of Directors of the Insurance of Investment and Export Credit (ICIEC) has given the recommendation to increase the share capital of the corporation from $150 million to $225 million, with the Islamic Development Bank(IDB) contributing fully in the increment. ICIEC Director General Dr. Abdul Rahman Taha, in making the announcement on Wednesday, said “the corporation had achieved an excellent reputation, an international credit rating agency, which is an indication of the credit status which the ICIES enjoys as an independent Corporation and its credibility between member countries.” He indicated that there were opportunities and huge ambitions for expanding trade among OIC member states as well as for providing reinsurance facilities to export credit agencies in member countries through the provision of Shariah-compliant credit vehicles. “It is important to support the role of the corporation and to create awareness about its achievements and efforts in encouraging member countries' exports and facilitating the flow of Direct Foreign Investment to them,” Taha pointed out. He also referred to the program of technical cooperation for the promotion of investment which is managed by the corporation, a joint initiative of the IDB Group. He explained that the program identifies the needs of member countries in order to improve and support investment opportunities offered by the member countries, by seeking to improve the needs assessment studies and boosting the capabilities of investment promotion agencies and relevant government agencies. It also organizes regional promotional events and offers consultancies on policies to improve investment climate. Currently the program is updating its electronic platform on the internet to contribute to bringing available projects that may activate its money in little cost to poor member countries such as Sudan, Mauritania, Egypt , Morocco, and Jordan. To achieve the objectives set for the program, a strategic partnership is forged with similar organizations such as the Multilateral Investment Guarantee Agency (MIGA), the United Nations Industrial Development Organization (UNIDO), Malaysian Industrial Development Authority (MIDA), the Arab Bank for Economic Development in Africa (BADEA), and the World Association of Investment Promotion Agencies (WAIPA). Islamic Development Bank is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the OIC in 1973. __
