The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Nippon Export and Investment Insurance (NEXI) have strengthened their strategic partnership by signing an amended Memorandum of Understanding (MoU). The agreement was formalised in Tokyo on 18 August during a high-level bilateral meeting between ICIEC CEO Dr Khalid Khalafalla and NEXI Chairman & CEO Mr Atsuo Kuroda.
This refined MoU significantly broadens the scope of collaboration, particularly in blended finance approaches, enhanced project coordination, and advanced risk mitigation tools. ICIEC brings its deep regional expertise into play, while NEXI leverages Japan’s financial acumen to channel transformative investment flows across ICIEC’s 50 member nations.
The original partnership sprang to life during TICAD 7 in 2019, seeded by the urgent need for infrastructure growth across Africa and the enabling role of Japanese enterprises. Since then, the relationship has produced significant initiatives, including the creation of a reinsurance framework, activation of a dedicated Japan Desk within ICIEC to liaise with Japanese corporations, and backing for strategic ventures like the Turkmenistan Gas Power Plant Construction Project.
This renewed accord aligns with the Ninth Tokyo International Conference on African Development (TICAD 9) in Yokohama and underscores both entities shared dedication to sustainable investment and transformative development across Africa and beyond.
Reflecting on the signing, Dr Khalafalla emphasized, “This renewed MoU with NEXI marks a significant milestone in our enduring partnership. By expanding our collaborative framework, we are better positioned to support transformative projects in our 50 Member Countries. We look forward to working closely with NEXI to mobilize financing, de-risk infrastructure initiatives, and foster inclusive growth across our member states”.
As a member of the “AAA” rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world.
It has led from the front to deliver a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) industry.
Additionally, S&P has reaffirmed ICIEC’s “AA-” long-term Issuer Credit and Financial Strength Rating for the second year with a stable outlook. ICIEC’s resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors: energy, manufacturing, infrastructure, healthcare, and agriculture.
The Nippon Export and Investment Insurance is Japan’s official export credit agency, fully owned by the Japanese government. Established on 1 April 2001 as an Independent Administrative Institution under the Ministry of Economy, Trade and Industry (METI), NEXI was created under the General Rules for Incorporated Administrative Agency and the Trade and Investment Insurance Act.
The corporation provides a range of trade and investment insurance services designed to safeguard Japanese companies against commercial and political risks in overseas markets. By offering guarantees and risk-coverage, NEXI plays a vital role in promoting Japan’s international trade and investment, particularly in regions where private insurers are unwilling or unable to operate.
Its mandate aligns closely with Japan’s foreign economic strategy, which focuses on building strong ties with emerging economies. Through its support, NEXI facilitates Japanese corporate participation in infrastructure, energy, and industrial projects worldwide with Africa increasingly seen as a region of strategic importance.
Do you have any story or press releases you want to share? Send tips to editor@envestreetfinancial.com
Follow us on Twitter, Facebook, or LinkedIn to ensure you don’t miss out on any