(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 30. The Islamic
Corporation for the Insurance of investment and Export Credit
(ICIEC) is fully committed to supporting Azerbaijan's 2030 National
Priorities, with a particular emphasis on sustainable economic
growth and the Promotion of a green growth agenda, especially in
the liberated territories, Oussama Kaissi, CEO of ICIEC, said in an
exclusive interview with Trend .
“This will enable us to play an instrumental role in promoting
green investments within the country. Azerbaijan has been very
active in sustainable and environmentally friendly projects such as
wind and solar power, decarbonization, green hydrogen, green
ammonia, etc. On the other hand, ICIEC has extensive experience in
renewable energy projects such as wind farms in Türkiye,
Waste-to-Energy (WTE) project in Sharjah, UAE, Benban Solar Power
project in Egypt, solar-powered irrigation and climate
change-related projects in Uganda. ICIEC is also participating in
the Food Security Response Program (FSRP) of the IsDB Group,” he
said.
Oussama Kaissi pointed out that therefore, we will contribute to
the economy of Azerbaijan by supporting key government projects,
including the Public-Private Partnership (PPP) projects.
“We aim to collaborate closely with Azerbaijani institutions and
stakeholders to formulate and implement sustainable development
initiatives. Our intent is to facilitate the adoption of best
practices in sustainable economic growth and promote a green and
environmentally responsible approach to investments. These measures
will allow us to align effectively with Azerbaijan's development
goals, fostering a more sustainable and prosperous future for the
nation,” he added.
Cooperation on projects in Karabakh
Kaissi noted that ICIEC will provide insurance for foreign
investors in Azerbaijan's liberated lands.
“ICIEC sees its role in Azerbaijan as that of a reliable and
proactive investment partner. We believe that by providing
investment and export credit insurance solutions, we play a crucial
role in mitigating risks and providing credit enhancements, thereby
making Azerbaijan an attractive destination for potential
investors. We are actively cooperating with AZPROMO to attract
long-term foreign direct investments (FDI) to Azerbaijan. ICIEC has
also been working with international banks and insurers for trade
and investment transactions in ICIEC's 49 member countries.
Therefore, ICIEC's involvement as a multilateral insurer creates a
positive investment climate for foreign investors and facilitates
access to financing opportunities for key government projects,”
added Kaissi.
Furthermore, the CEO noted that ICIEC experience and expertise
in the sector allow it to share valuable insights and market
knowledge with potential investors.
“This, in turn, empowers them to make informed decisions and
seize opportunities in a confident manner. Ultimately, our role as
an investment partner goes beyond risk mitigation; it includes a
commitment to fostering economic prosperity and attracting diverse
investors to Azerbaijan. ICIEC will definitely contribute to the
“Great Return Program” of the Government of Azerbaijan by
attracting investments to the liberated territories by providing
insurance cover to foreign investors in different sectors such as
renewables, agriculture, transportation, communication, healthcare,
etc.,” he explained.
Insurance coverage to Azerbaijan
Kaissi noted that to date, the Islamic Corporation for the
Insurance of Investment and Export Credit (ICIEC) has extended
insurance coverage totaling $109 million, encompassing $64 million
for trade and $45 million for investment-related transactions in
Azerbaijan.
He said that these figures underscore the organization's
unwavering commitment to supporting Azerbaijan's economic
endeavors.
“ICIEC provided reinsurance support to KazakhExport JSC, the
national export credit agency (ECA) of Kazakhstan, for the lease of
locomotives to Azerbaijan Railways. The transaction involves the
financial leasing of 10 diesel locomotives of Type TE33A by the
Industrial Development Fund (lessor) to Azerbaijan Railways, which
is the importer/lessee of the locomotives. In 2015, KazakhExport
JSC insured the transaction for the full lease period of 10 years,
and ICIEC provided facultative reinsurance cover for USD 25
million,” added Kaissi.
The CEO went on to add that from ICIEC's perspective, the
transaction meets the criteria of supporting intra-OIC trade as it
involves the export of capital goods from Kazakhstan to Azerbaijan,
both ICIEC member countries.
“The transaction also meets SDG 9 of the United Nations, which
is pertinent to Industry, Innovation, and Infrastructure. In
addition to the Azerbaijan Railways transaction, ICIEC facilitated
export transactions from other ICIEC Member Countries to
Azerbaijan, totaling $64 million,” he said.
Ongoing projects
ICIEC is working with Azerbaijan on selected projects, Kaissi
said.
He recalled that in February 2023, the President of the Islamic
Development Bank (IsDB) Dr. Muhammad Al Jasser, paid a high-level
visit to Azerbaijan and met with President of Azerbaijan Ilham
Aliyev.
“In September, I led a mission to Azerbaijan to identify the key
development priorities of the country and potential areas of
cooperation from ICIEC's perspective. During the mission, I met
with the IsDB & ICIEC governor,minister of economy Mikayil
Jabbarov, the IsDB & ICIEC alternate governor, minister of finance
Samir Sharifov; minister of energy Parviz Shahbazov; minister of
digital development and transport Rashad Nabiyev and minister of
health Teymur Musayev,” said Kaissi.
The CEO went on to add that the mission also covered meetings
with the ministry of education, the Central Bank of Azerbaijan,
SOCAR, AZPROMO, Azersigorta, Azerbaijan Investment Holding,
Azerbaijan Investment Company, Small and Medium Business
Development Agency (KOBIA), State Mortgage and Credit Guarantee
Fund, Chamber of Commerce and Industry, private insurance companies
and banks.
“The mission was very successful in that we identified the
priority projects and initiatives in different sectors, such as
promoting Foreign direct investments (FDI), banking, renewable
energy, transportation, communication, healthcare, and SMEs.
Currently, in coordination with the Office of the Governor, we are
working with the relevant ministries and government entities on the
selected projects. We hope to finalize them in 2024 and 2025,” he
said.
Kaissi went on to add that ICIEC's presence as a collaborative
partner serves as a beacon of reassurance and encouragement for
prospective investors exploring opportunities within
Azerbaijan.
“The investment projects will contribute to employment
generation, the development of advanced and efficient
infrastructure, and improved quality of life for citizens,” he
added.
Trade and investment initiatives in Central
Asia
Kaissi said ICIEC is ready to support trade and investment
initiatives in Central Asia, Oussama Kaissi said.
“From ICIEC's perspective, we anticipate strengthened
collaboration and shared initiatives with a particular focus on
promoting investment and export credit insurance. We envision that
the Azerbaijani leadership will play an essential role in driving
discussions, initiatives, and strategic decisions that will enhance
the organization's effectiveness,” he said.
Kaissi noted that in terms of regional economic development,
ICIEC expects that Azerbaijan will lead in the development and
implementation of innovative solutions and strategies that foster
economic growth and stability within the region.
“By actively involving all member states, including Azerbaijan,
in decision-making processes, we anticipate a more inclusive and
comprehensive approach to addressing the challenges and
opportunities facing the region. The unique location of Azerbaijan
as a transportation hub between Central Asia and Europe requires
investments to be made in the Middle Corridor. Therefore,
Azerbaijan and Kazakhstan are cooperating to facilitate the trade
through the Caspian Sea route. Azerbaijan and Uzbekistan
established a joint investment fund to invest in joint projects.
Azerbaijan and Turkmenistan are also cooperating in projects in the
Caspian Sea. Türkiye is an important trade and investment partner
of Azerbaijan. ICIEC is ready to support such initiatives in the
region, which is in line with its mandate of fostering economic
cooperation among the OIC Member States,” he added.
Kaissi went on to add that ICIEC looks forward to exploring new
and innovative ways to drive sustainable economic growth, reduce
investment risks, and facilitate financial stability in
collaboration with Azerbaijan and other member countries.
“We believe that this year holds significant promise for
achieving our shared goals and making a positive impact on regional
economic development,” he said.
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