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Turkmenistan joins Islamic Corporation for Insurance of Investment and Export Credit

09 September 2019 [14:14] - TODAY.AZ

By Trend

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), is pleased to announce that the Republic of Turkmenistan has joined the membership of ICIEC to become its 47th member-country, Trend reports referring to ICIEC.

Turkmenistan joined the IsDB Group in 1994. Since their accession, IsDB has contributed a substantial amount of development assistance, totalling $1.047.5 million. This assistance has supported the country with projects ranging from the development of natural gas pipelines to the construction of railways.

“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,” ICIEC CEO Oussama Kaissi said. “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. 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 is home to nearly 6 million people and a vibrant, fast growing economy,” ICIEC said. “The future of the Central Asian country looks bright as it benefits from an abundance of natural resources, a strong agricultural sector as well as low public debt and a youthful labour


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