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Strong 2021 Results Lays Foundation for Recovery in 2022

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ICIEC is also proud to report that its membership grew to 48 Member States in 2021

SHARM EL SHEIKH, Egypt, June 5, 2022/ — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), the Insurance arm of the (IsDB) Group, has released its Annual Report and Audited Financial Statements for 2021, upon approval from its Board of Governors on 04th June 2022.

The Corporation, a member of the Islamic Development Bank Group (IsDB) Group, has once more demonstrated resilience in a year of unprecedented risks, shifting priorities and continuing global impacts of the pandemic. In 2021, ICIEC insured a near-record of USD 9.8 billion with Corporate Net-Results equally strong at USD 9.3 million significantly surpassing targets. Since its inception, ICIEC has supported exports, imports, and foreign direct investments with a cumulative amount of USD 83.3 billion.

ICIEC is also proud to report that its membership grew to 48 Member States in 2021, welcoming Maldives to the ICIEC community.

Based on its performance, ICIEC has maintained, for the 14th consecutive year, an Aa3 rating by Moody’s – which is one of the strongest in the Export Credit and Political Risk Insurance industry. Our strong credit rating reflects our resilience, standalone fundamentals, as well as the strong willingness of our key shareholders, including the IsDB (AAA stable) and our Member States, to support ICIEC in times of financial distress.

In 2021, ICIEC supported a combined USD 4.5 billion of intra-trade and intra- investment among OIC countries, representing an 11% decrease as compared to the previous year. Of that, USD 3.7 billion represented intra-OIC trade among OIC countries, and USD 0.8 billion represented intra-investment among OIC countries. ICIEC support for trade and investment has helped MSs to achieve long-term sustainable development. ICIEC catalyzes impact by supporting transactions and projects that contribute to the SDGs. Through these SDGs, a call to action has been established to eradicate poverty, protect the environment, and improve the lives of everyone on Earth. Of the 17 SDGs, ICIEC is prominently committed to 6 goals that are directly related to its mandate.

Releasing the 2021 Annual Report, the Chief Executive Officer of ICIEC, Mr. Oussama KAISSI, expressed optimism about the Corporation’s prospects for 2022, stating “like all successful organizations, we have core priorities that give focus to our operations and enable our success. ICIEC priorities include the delivery of development impact, enabling Islamic finance, the development of value-based partnerships, and enabling excellence in both our staff and industry. In times of difficulty and volatility, we stand firmly behind our member states as the only Shari’ah-compliant multilateral export credit and investment insurance provider in the world“.

Mr. KAISSI went on to say “I would like to take this opportunity to thank the dedicated ICIEC team, whose hard work has been the backbone of its continued success. I would also like to thank His Excellency the Chairman, along with the Honorable Members of the Board of Governors and Board of Directors. They have been integral in providing guidance through their unparalleled wisdom and experience to navigate through its most challenging year for ICIEC. Their dedication to our success continues to inspire us and our decision-making in pursuit of delivering the best possible development solutions to our Member States“.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). More News

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Invest Africa and Premier Invest Announce Strategic Partnership to Catalyse Investment in Africa

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Invest Africa

This partnership will leverage key events for the global Africa-focused investment community, bringing together investors and corporates who are committed to the continent’s progress

LONDON, United Kingdom, November 13, 2024/APO Group/ — 

Invest Africa (www.InvestAfrica.com), the leading pan-African business platform, is proud to announce a strategic partnership with Premier Invest, a global investment conglomerate, aimed at driving transformative investment into Africa. This collaboration is set to identify and unlock new avenues for growth, innovation, and sustainable development across the continent through a series of targeted engagements, including The Africa Debate in London and the UAE, as well as Invest Africa’s Mining Series, held alongside the annual Mining Indaba conference.

This partnership with Invest Africa marks a significant milestone for Premier Invest as we seek to deepen our engagement in Africa and other emerging markets

As Africa stands on the brink of a new era of economic transformation, this partnership will leverage key events for the global Africa-focused investment community, bringing together investors and corporates who are committed to the continent’s progress and prosperity.

Chantelé Carrington, CEO of Invest Africa, commented on the partnership: ”Africa is entering a pivotal phase of economic transformation, and ensuring that the right investment and expertise are directed to the continent is crucial. Our partnership with Premier Invest is a great step towards this objective. By tapping into our expansive network, strategic communications, and robust events programme, we look forward to working alongside Premier Invest to channel the much-needed investment flows that will drive Africa’s growth.”

Rene Awambeng, Managing Partner of Premier Invest, added: “This partnership with Invest Africa marks a significant milestone for Premier Invest as we seek to deepen our engagement in Africa and other emerging markets. Invest Africa’s unrivalled network and market insights will be invaluable as we work together not only to identify and capture high-growth opportunities but also to contribute meaningfully to the economic development of the regions we serve, particularly across Africa.”

This partnership exemplifies the shared commitment of Invest Africa and Premier Invest to harness the full potential of capital in Africa and beyond. By uniting our strengths, we are laying the groundwork for transformative investments that will fuel economic growth and development for years to come.

Distributed by APO Group on behalf of Invest Africa.

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Africa Investment Forum welcomes Arab Bank for Economic Development in Africa (BADEA) as new partner ahead of the December Market Days in Rabat

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Africa Investment Forum

The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme: “Leveraging Innovative Partnerships for Scale”

WASHINGTON D.C., United States of America, October 30, 2024/APO Group/ — 

The Arab Bank for Economic Development in Africa (BADEA) has joined the Africa Investment Forum (www.AfricaInvestmentForum.com) as a founding partner, marking a new phase in the Forum’s expansion and influence as a catalyst for mega investments into the continent.

The official announcement came during a breakfast meeting of heads of the Africa Investment Forum Founding Partner institutions, convened by the African Development Bank in Washington, DC on the sidelines of the International Monetary Fund and World Bank’s annual meetings. During the meeting, the partners examined and adopted a new strategic framework to govern the forum. The meeting took place on Friday 25 October.

In welcoming BADEA as a new partner, African Development Bank President Akinwumi Adesina said: “Since 2018, BADEA has been a steadfast supporter of the Africa Investment Forum, consistently contributing to the growth and success of this platform.”

The Arab Bank for Economic Development in Africa is a multilateral development financial institution owned by 18 Arab countries. Its operations cover the entire Sub-Saharan African region.

BADEA group president Dr. Sidi Ould Tah said the main shareholders of his bank had been working on a new mechanism to support investment flows to Africa. The group has sovereign funds under management with assets in the trillions of dollars, of which they had pledged to channel a part for Africa’s infrastructure needs.

BADEA will work with all the member countries of AIF to make this pledge a reality

“The role of BADEA is to catalyse resources for Africa. BADEA will work with all the member countries of AIF to make this pledge a reality,” Tah said.                                 

The addition of BADEA brings the AIF’s founding partners to nine:  the African Development Bank, Afreximbank, Africa Finance Corporation, Africa50, Development Bank of Southern Africa, European Investment Bank, Islamic Development Bank, and Trade and Development Bank.

Heads and representatives of each of the partners who attended the meeting included included Trade and Development Bank President and CEO Admassu Tadesse, Africa Finance Corporation’s CEO  Samaila Zubairu, Africa50  President Alain Ebobissé, European Investment Bank Vice President Ambroise Fayolle,  Hani Salem Sonbol  Chief Executive Officer of the International Islamic Trade Finance Corporation representing Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser, and Afreximbank’s Director for Export Development Oluranti Doherty, who represented its president.

Adesina also commended the founding partners for their energy, drive and momentum which he described as a testament to their confidence in the Forum.

The AIF’s Market Days events, held annually, have drawn sovereign and non-sovereign investors from around the world, enabling a shift in risk perception and fostering confidence in Africa’s investment landscape.

The platform has actively supported women-led businesses under its Women as Investment Champions pillar with examples such as Mobihealth International Ltd (Healthcare, Nigeria) which was supported to access grant and loan funding for feasibility studies and pan-African expansion.

From the African Development Bank, Senior Vice President Marie Laure Akin-Olugbade, several vice presidents and directors and the Senior Director of Syndications, the Africa Investment Forum and Client Solutions, Max Magor Ndiaye, and the Special Representative of President Adesina, Yacine Fall also attended the meeting.

The 2024 Market Days will take place from 4-6 December 2024 in Rabat, Morocco, under the theme: “Leveraging Innovative Partnerships for Scale.”

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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British International Investment and Invest Africa to Host Forum on Impactful Investment for Inclusive Growth in South Africa

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British International Investment

The forum will spotlight key areas such as digital infrastructure and affordable housing, while exploring how innovative financial solutions can drive inclusive growth and help South Africa meet its sustainable development goals

JOHANNESBURG, South Africa, October 18, 2024/APO Group/ — 

Invest Africa (www.InvestAfrica.com), in partnership with British International Investment (BII), the UK’s development finance institution and impact investor, is excited to announce the upcoming forum, Impactful Investing for Inclusive Growth, taking place on 23 October 2024 in Johannesburg. This half-day event will focus on driving inclusive development in South Africa, addressing the critical challenges of digital, financial, and spatial inclusion. 

Bringing together key stakeholders, the forum will feature prominent speakers including Andile Ngcaba, Founder and Chairman of Convergence Partners, Hardy Pemhiwa, Group President and CEO of Cassava Technologies, and Carel Kleynhans, CEO of Divercity Urban Property Group. These thought leaders will share insights into how strategic investments can unlock untapped potential within South Africa’s economy. 

BII, a pioneer in impact investing, has been a long-term partner to South Africa, with its first investment dating back to 1995. As the economic landscape evolves, BII remains committed to promoting sustainable development through impactful and inclusive investment. The forum will spotlight key areas such as digital infrastructure and affordable housing, while exploring how innovative financial solutions can drive inclusive growth and help South Africa meet its sustainable development goals. 

Chantelé Carrington, Chief Executive Officer of Invest Africa, commented: “Our partnership with British International Investment is a significant step in driving inclusive growth in South Africa. Together, we aim to empower communities, bridge gaps in access, and drive sustainable development across the country. We look forward to working collaboratively with BII to bring transformative investment to the region at the Impactful Investing for Inclusive Growth event.” 

We are committed to investing our capital to support inclusive and sustainable economic growth, particularly when it comes to offering vital climate finance

Chris Chijiutomi, Managing Director and Head of Africa, British International Investment, added:  

“We are committed to investing our capital to support inclusive and sustainable economic growth, particularly when it comes to offering vital climate finance. I am delighted to join forces with Invest Africa to bring together businesses and investors to unlock South Africa’s economic potential. This will be the first in a series of forums that we will be convening to bring together entrepreneurs and industry leaders to support the government’s agenda to bring about sustainable economic growth and increase innovation.” 

The forum will host two key sessions:  

  • Session 1: Digital and financial Inclusion (08:15 – 09:15) – Exploring the challenges and opportunities for expanding Africa’s digital infrastructure, with a focus on how development finance can support affordable, wide-reaching connectivity across the continent. The panel will also explore innovative solutions to enhance financial inclusion and poverty reduction in underserved communities. 
  • Session 2: Spatial Inclusion (09:30 – 10:30) – Addressing the critical need for investment in affordable housing and township retail. 

The event will gather business leaders, investors, and policymakers for insightful discussions on how impactful investments can drive sustainable and inclusive growth in South Africa.  

For registration or inquiries, please contact George Meadows, Marketing and Events at Invest Africa, at george.meadows@investafrica.com

Distributed by APO Group on behalf of Invest Africa.

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