Kuwait City: An affiliate of the Islamic Development Bank (IsDB) and the European credit insurance group Credendo have signed an agreement to develop a new plan aimed at enlarging trade transactions in Islamic states.
According to Kuwait News Agency, the memorandum of understanding (MoU) between The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Credendo establishes a “framework to enhance cooperation” in credit insurance and reinsurance. This collaboration is set to develop new risk-sharing schemes to facilitate larger trade transactions for multinational corporations, as stated in an ICIEC announcement.
The MoU also includes the formation of a joint working group focused on ensuring the “confidentiality and safety” of these trade transactions. The statement emphasized that ICIEC stands to benefit from Credendo’s extensive experience in credit insurance, which will be instrumental in advancing the partnership’s objectives.