Turkmenistan became the 47th member country of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), ICIEC said in a press release.
According to the document, Ashgabat made the pivotal steps on entry into the ICIEC during the 10th Turkmenistan Gas Congress, held in May, 2019. Back then, ICIEC CEO Oussama Kaissi, who participated at the congress, expressed his readiness to extend ICIEC support to Turkmenistan, with a particular focus on the oil and gas sector.
“Turkmenistan’s membership to ICIEC marks the onset of a relationship which is both exciting for ICIEC and beneficial for the economy and people of Turkmenistan,” Mr. Kaissi said, regarding Turkmenistan’s accession to ICIEC.
After noting that ICIEC’s risk mitigation and credit enhancement services will act as catalysts for the strengthening and diversification of the country’s economy, supporting both increased exports and inward investment, head of the ICIEC stated: “ICIEC’s services will allow exporters, banks and investors from member and non-member countries alike to cover political and commercial risks related to their operations in Turkmenistan.”
Turkmenistan joined the IsDB Group in 1994. Since its accession, IsDB has contributed more than $1 billion in development assistance to the Central Asian country.