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Wednesday, June 29, 2022

ICIEC and Elsewedy Electric sign future-focused Memorandum of Understanding (MoU) to accelerate climate action

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The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) (http://ICIEC.IsDB.org) cooperates with considered one of Egypt’s largest firms to speed up local weather motion within the ICIEC Member States.

The Memorandum of Understanding (MoU) between ICIEC and Elsewedy Electrical offers a framework for joint motion in selling local weather motion and water tasks, in keeping with each the ICIEC Local weather Motion Pointers and Elsewedy Electrical’s Sustainability Technique 2020-2023.

The MoU was signed by Mr Oussama Kaissi, Chief Government Officer of ICIEC and Ahmed Elsewedy, Chairman and CEO of Elsewedy Electrical.

Elsewedy Electrical is a number one world supplier of power options with a footprint throughout electrical, engineering and building, digital options and infrastructure investments. Its local weather motion cooperation with ICIEC will result in stronger coordination and extra environment friendly implementation of its actions to the good thing about the Egyptian financial system. The settlement will even bolster Egypt’s and different Member States’ drive towards the UN Sustainable Growth Objectives, the Paris Settlement, Egypt’s 2030 Imaginative and prescient and Nationwide Renewable Power Technique 2035, amongst others.

Underneath the phrases of the MoU, ICIEC, which is the insurance coverage arm of the Islamic Growth Financial institution (IsDB) Group, will work with Elsewedy Electrical to: establish, assess and handle local weather and water dangers and alternatives; alternate important data, experience and assets; lengthen coaching and capability constructing alternatives; and set up joint seminars and workshops.

Oussama Kaissi, CEO of ICIEC, mentioned the signing of the MoU was a mirrored image of ICIEC’s prioritization of local weather initiatives. “ICIEC is dedicated to assembly the targets of worldwide sustainable targets. This partnership with Elsewedy Electrical – a number one supplier of sustainable tasks in power and infrastructure that allow companies and communities to thrive – displays that dedication. We’re excited to see the numerous areas of cooperation come to fruition and to construct on these in the end.”

Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).

Media Contact:
Rania Binhimd, Communications Planner
E mail: [email protected]

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About ICIEC:
The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC) is the insurance coverage arm of the Islamic Growth Financial institution (IsDB) Group. The Company is uniquely the biggest Shariah-compliant multilateral insurer on this planet and has led from the entrance in offering a complete suite of insurance coverage options to firms and events in its 48 Member States. ICIEC was established in 1994 with the mandate to strengthen financial relations between OIC member international locations and to advertise intra-OIC commerce and investments by offering Shariah-compliant threat mitigation instruments and monetary options. ICIEC has for the 14th consecutive 12 months earned an “Aa3” insurance coverage monetary energy credit standing from Moody’s, rating the Company among the many high of the Credit score and Political Threat Insurance coverage (CPRI) Trade. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and threat administration insurance policies. Cumulatively, ICIEC has insured greater than US$ 83bn in commerce and funding and US$2.2 bn in assist of FDI at finish of 2021. Its actions had been directed to particular sectors together with banking, power, manufacturing, infrastructure, healthcare, and agriculture. For extra data, go to: http://ICIEC.IsDB.org

This Press Launch has been issued by APO. The content material just isn’t monitored by the editorial group of African Enterprise and never of the content material has been checked or validated by our editorial groups, proof readers or truth checkers. The issuer is solely chargeable for the content material of this announcement.

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