BAKU, Azerbaijan, May 7. The Islamic
Corporation for the Insurance of Investment and Export Credits
(ICIEC) has identified substantial potential to expand its
operations in Azerbaijan, including increasing insurance coverage
and attracting additional investments, Yasser Alaki, Director of
the Business Development Department at ICIEC, told Trend on the sidelines of a
presentation on preparations for the Annual Meeting of the Islamic
Development Bank Group in Baku.


“Azerbaijan joined ICIEC in 2020. Since then, we have engaged
with numerous partners in the country, notably AZPROMO, which
serves as one of our key market collaborators. Our primary focus
has been on the financial and industrial sectors. In collaboration
with Azerbaijani banks, we aim to support trade finance activities
that enable Azerbaijani exporters to access global markets.
Additionally, we provide insurance solutions that mitigate the risk
of non-payment by importers worldwide,” Alaki explained.


He further emphasized that ICIEC is actively working to enhance
the capacity of Azerbaijani banks to confirm letters of credit from
diverse countries, as well as to expand financing lines from
international banks. These measures are intended to support the
growth and development of small and medium-sized enterprises in
Azerbaijan.







“In addition, we are working to attract investors to Azerbaijan,
both from member countries and from countries outside the
organization. By providing insurance coverage, we reduce the risks
associated with investing in the country. In this way, we help
boost business activity and create new opportunities in the
country,” Alaki emphasized.


He also noted that there are plans to expand the portfolio of
guarantees and insurance solutions for projects in Azerbaijan: “To
date, we have already covered approximately $120 million in
business in Azerbaijan, including trade and investment. We believe
this is still a modest figure, and we see significant potential for
expanding our services in the country. Therefore, we plan to work
with our partner AZPROMO, with local banks, as well as with
international banks, to attract more investment to the country. We
have big ambitions to expand our operations in Azerbaijan, and as
part of the group’s annual meetings, we will hold talks with key
clients and partners to further grow our business in the country,”
Alaki concluded.