BAKU, Azerbaijan, May 7. The Islamic
Corporation for the Insurance of Investment and Export Credit
(ICIEC) has provided insurance coverage in Azerbaijan totaling
approximately $120 million over five years, Yasser Alaki, Director
of the Business Development Department at ICIEC, said during a
presentation in Baku dedicated to the preparations for the Islamic
Development Bank Group's Annual Meeting, Trend reports.


"ICIEC insures Azerbaijan's investments and exports, reducing
risks and expanding access to international financing. The
Corporation supports and facilitates trade between member
countries, as well as between our member states and the rest of the
world, by providing investment and trade credit insurance services
to protect investors and exporters from the risk of non-payment by
their counterparties anywhere in the world.


Speaking of Azerbaijan, our role is to help Azerbaijani
exporters supply products to any country in the world, while we
assume the risk of non-payment by their buyers.


Thus, Azerbaijani exporters no longer need to demand additional
guarantees or letters of credit from importers. Based on our
assessment of buyer risks worldwide and our credit information
system, we can provide insurance coverage that protects them
against the risk of non-payment.


We also stimulate investment in Azerbaijan from any country in
the world - not necessarily only from member countries - by
providing insurance for political and country risks, including war,
civil unrest, expropriation, and other risks," he said.


According to him, this increases the confidence of investors and
international banks financing projects in Azerbaijan.


"We have a wide range of services: insurance for
supplier-exporters, insurance for unconfirmed letters of credit for
Azerbaijani banks, trade finance for imports and exports, as well
as investment insurance.


Our beneficiaries are banks and financial institutions,
corporations, exporters and importers, as well as government
agencies to which we provide insurance support," the director
added.


He noted that Azerbaijan joined ICIEC in 2020.


"Since our founding in 1994, we have covered approximately $140
billion USD, including $31 billion in investment insurance and $107
billion in trade insurance.







In Azerbaijan over the past five years, we have covered about
$120 million, of which $36 million is for investment insurance and
$83 million is for trade insurance.


One of the projects involves insurance coverage for a Chinese
telecommunications company that implemented a project in
Azerbaijan. We provided insurance coverage that helped them attract
financing from Chinese banks.


We also support small and medium-sized enterprises, including
through financing lines from international banks to Azerbaijani
banks, the funds of which are directed to the SME sector.


In addition, we provided a financing line to the Black Sea Trade
and Development Bank to support small and medium-sized businesses
in Albania, Azerbaijan, and Türkiye," he added.


According to Alaki, there are also projects in Nigeria, as well
as large infrastructure projects, including a high-speed railway in
Türkiye, where ICIEC covered the risks of non-performance of
sovereign obligations.


"We also work with sovereign obligation risks in Turkmenistan
and implement projects in Uzbekistan.


We cooperate with export credit agencies, insurance companies,
and international financial institutions, as well as with most
international banks, European, Japanese, Chinese, Indian, and Gulf
countries' banks.


We support their financing in Azerbaijan and other member
countries," he concluded.