Saudi- ICIEC and Garant sign cooperation agreement 

(MENAFN - Arab News) On the sidelines of the two-day 3rd Annual Meeting of Aman Union (a group of Arab and Islamic Export Credit Agencies), which opened in Kuala Lumpur this week, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of Jeddah-based Islamic Development Bank Group (IDB) and the European insurer Garant Versicherungs-AG based both in Vienna and Geneva, signed a cooperation agreement to insure and reinsure trade and investments flows to and from Arab and Islamic Countries members of ICIEC.

The agreement was signed by Abdel Rahman El-Tayeb Taha, CEO of ICIEC, and Louis Habib-Deloncle, chairman of the managing board of Garant.

The agreement aims at exchanging information for the purpose of upgrading knowledge and expertise in the field of export credit and investment insurance. ICIEC will provide Garant with information on regional debtors and Garant will provide ICIEC on the Insured's track records, including recovery cooperation in the debt collection procedures of post- and after-claim payment and provision of technical support for identification, assessment and management of risks covered with a view to developing facultative reinsurance arrangements, in addition to the arrangement of joint marketing activities.

Taha said: "ICIEC welcomes this partnership with Garant, which will strengthen our efforts in providing export credit and investment insurance especially in MENA region and Africa."

Habib-Deloncle said: "The cooperation partnership with ICIEC is the continuation of Garant's strong involvement in key areas where demand in credit and political risk coverage is increasingly growing.

It also reflects our willingness to share risks and expertise with key players in the field of export credit insurance. Thanks to ICIEC's long- lasting experience, Garant expands its ability in assessing regional risks and monitor them properly from MENA to Asia."