Quarterly Publication of The Islamic Corporation for the Insurance of Investment and Export Credit

The Islamic Corporation for the Insurance of Investment and Export Credit(Member of IDB Group, Jeddah)

During the 19th ICIEC Annual Meeting held in conjunction with 37th IDB Annual Meeting

in Khartoum, the President of the Republic of Sudan, the Board of Governors of the Corporation approved the 1432H (2011G) Annual Report and Financial Statements.

The Report showed that credit and political risk insurance services provided by ICIEC exporters in Member Countries and investors and banks

On April 4th, 2012 at the Friendship Hall in Khartoum and under the Patronage of H.E. Omar Hassan Ahmed Al Bashir, President of the Republic of Sudan, ICIEC held its 19th Annual Meeting in conjunction with the Islamic Development Bank’s 37th Annual Meeting. During this meeting and under the Chairmanship of H.E. Ali Mahmoud Mohammed Abderrasoul, Sudan’s Minister of Finance and Governor of ICIEC/IDB for Sudan, the Board of Governors of ICIEC approved the Annual Report and the Financial Results for 1432H (2011). .…. continued on page 5

bringing equity and project finance to their countries stood at over USD 3.2 billion, an increase of 59% compared to the previous year. We are proud that the Corporation managed to increase its volume of its business with an exceptionally low claims ratio and maintain its strong financial position under the difficult current global circumstances. Moreover, ICIEC’s strength has been underscored by the confirmation of the Aa3 rating assigned to the Corporation for the fourth consecutive year by Moody’s Investors Service.

This remarkable growth in business was as a result of increased awareness among investors, exporters and banks in our Member Countries of the importance of credit and political risk insurance as an affective risk mitigant, especially during these turbulent times. It is also a consequence of the responsiveness of ICIEC to the demand of its clients by introducing more flexibility in its product offerings and offering new products such as the “Non-Honoring of Sovereign Obligation” and “Contract Frustration” policies.

Jumada II 1433H / May 2012- Issue No. 19

EDITORIAL

ISSN: 1658-6026

ICIEC’s BOG Approves 1432H ResultsICIEC’S 19TH BOARD OF GOVERNORS ANNUAL MEETING

ICIEC’s 19th BOG Annual Meeting in Khartoum, Republic of Sudan - April 4th 2012

2-3 10-11 125-84 9INSURANCE OPERATIONS

BUSINESSHIGHLIGHTS

ICIECCHAIRMAN’S ACTIVITIES

ITAP NEWS & DEVELOPMENTS

BUSINESSDEVELOPMENTS

COUNTRY DEVELOPMENTS

POLICYHOLDER IN FOCUS

AMAN UNION NEWS

SPECIALCOVERICIEC ANNUALMEETING

ICIEC, together with the Arab Investment and Export Credit Guarantee Corporation (Dhaman) and African Trade Insurance Agency (ATI),

reinsured COTUNACE (the Tunisian National Export Credit Agency), on a turnkey rural electrification project in Rwanda. This project was implemented by STEG International Services (SIS), a Tunisian based company, in favor of the Electricity, Water and Sanitation Authority of Rwanda. The execution period of the contract is expected to be 26 months with payment following the progress of works and deliveries under the project. It is secured by the Ministry of Finance of Rwanda.

ICIEC recently signed a Comprehensive Short-Term Policy (CSTP) with Gul Ahmed Textiles, a leading textile giant based in Pakistan.

ICIEC policy will with an annual turnover of USD 40 million, cover Gul Ahmed›s exports to over 8 countries mainly in Europe & USA. Gul Ahmed Textiles tends to provide Open Account credit to its buyers and ICIEC›s involvement insulates Gul Ahmed against the non-payment of its buyers due to commercial or political risk reasons.

The buyer portfolio proposed for ICIEC cover is quite diversified and ICEC is indeed looking forward to this very important partnership which would benefit both the organizations.

ICIEC has signed an Export Credit Insurance Policy with GUL AHMED of Pakistan

ICIEC Joins Hands with Partners to Support Project Finance in Africa

“The support provided to COTUNACE in this project is a crucial part of ICIEC’s mandate to facilitate the flow of Foreign Direct Investment (FDI) to member countries, as well Supporting ECAs”The CEO of ICIEC

About Gul Ahmed Textiles

Gul Ahmed Textiles is the one of the oldest and most reputable name’s in Pakistan Textile Industrial outlook. The group began trading in textiles in the early 1900. In 1953, the group decided to enter the field of manufacturing under the name Gul Ahmed Textile Mills Limited, and was incorporated as a privately limited company. In 1972, It was listed on the Karachi Stock Exchange. Since then, the company has made rapid progress and is currently one of the leading composite textile houses in the world.

The project involves the planning, study, supply and installation of electric materials for the construction of medium/low voltage network. It will connect 50,000 new subscribers in 5 districts in the Eastern Province of Rwanda.

The cost of the contract is USD 68 million, of which USD 51 million is insured by COTUNACE. ICIEC reinsurance share in this project is USD 17.5 million. The support of ICIEC and its partners allowed the Tunisian company to export its knowhow and to source most of the equipment from Tunisia. This required a high level of coordination between these partners who were jointly involved in the project.

ICIEC enabled the project by helping Tunisian ECAto Insure the non payment risk of the buyer fora period of 3 year

Reinsurance

Reinsu

rance

ReinsuranceUSD 17.5 m

Insurance PolicyUSD 51 m

Guarantee Payment

Supply and installation of

electricity network - USD 68 m

Electricity Water and Sanitation

Authority - Rwanda

Ministry ofFinance ofRwanda

Electrification project in Rwanda

INSURANCE OPERATIONS

02

Additionally, new commitments approved during the first quarter 1433H (2012G) were USD 608 million compared to USD 681 million during the same quarter of 1432H (2011G), showing a reduction of 11%. The total new commitments for the first three months of 1433H indicate an achievement of 49% of the target set for the period.

The total premium and fee generated during the first quarter was USD 3.4 million compared to USD 1.6 million during the same period last year, reflecting an increase of 115%. The quarter also witnessed a small recovery of USD 43,330 compared to no recovery during the same period in year 1432H. Moreover, no claim was paid during the period of the current year compared to USD 0.11 million paid in the same period last year.

The recent operations report of the Corporation showed that its business insured during the first quarter reached USD 732 million

compared to USD 630 million during the same quarter of last year, thereby indicating an increase of 16%. The total business insured during the first quarter 1433H indicates an achievement of 69% of the target set for the period.

The business insured under short-term products reached USD 470 million for the first three months of 1433H, representing 64% of total business insured in the first quarter of 1433. The remaining 36% business insured was from medium-term products and investment insurance.

ICIEC’s First Quarter Report:16% Increase in Business Insured

In 1432H, ICIEC provided an investment insurance cover to Hikma Pharmaceuticals

Manufacturing Company of Jordan. Hikma acquired 50% of the Dar Al-Arabia pharmaceutical manufacturing facility in the Sidi Abdalla Industrial Zone in Algiers, which had hitherto been owned by another company. Once operational, the Al Dar Al Arabia plant will double Hikma’s manufacturing capacity in Algeria and will provide significant scope for further expansion in the second largest pharmaceutical market in the MENA region.

Hikma

Acquisition of Dar Al Dawa’s

50 %Arab Pharmaceutical Manufacturing (APM)

Co. (Jordan)Dar Al Dawa’s (Jordan)

Dar Al Arabia (Algeria)

50 %50 %

100 %

ICIEC Supports Investment in the Pharmaceutical Sector in Algeria

ICIEC Commits to Support Business Development in LibyaOn the invitation of the Minister of

Finance of Libya, the CEO of ICIEC, accompanied by senior technical staff, visited Libya during 24 - 26 April 2012 and met with senior officials in the country to discuss the possibility of cooperation between ICIEC and Libya. The officials included the Governor of the Central Bank, the Minister of Housing and Utilities, the Director of Libyan Exports Developments Center, the Chairman of the Union of Chamber of Commerce and Industry and Agriculture, Chairman and Managing Director of Libyan Foreign Investment Company.

ICIEC NEWSLETTER - JUMADA II 1433H / MAY 2012- ISSUE NO. 19

BUSINESS HIGHLIGHTS

On Monday April 16 2012, the CEO of ICIEC, Dr. Abdel Rahman Taha received in his office, the New Managing Director of Atradius Re, Mr. Daniel Stausber.

Considering the relationship between ICIEC and Atradius Re, this was a good opportunity to welcome Mr. Stausber

who was recently appointed in November 2011 as the new Managing Director of Atradius Re. The guest met with the relevant departments divisions in the Corporation so that he could be familiarized with the ICIEC management team and be versed with its business policies and procedures.

Mr. Stausber expressed his appreciation of the business environment of the Corporation and also stated, “ICIEC has succeeded in the past years to develop into a very recognized institution in the Industry, and gained a deep understanding of underwriting risks in the MENA region in particular, and in the Islamic world in general.”

The CEO of the Corporation expressed his pleasure at seeing the Managing Director of Atradius Re in ICIEC and assured that there would be efforts to further strengthening cooperation between the two organizations.

The New Managing Director of Atradius Re visits ICIEC

ICIEC and IIGF Sign MOU to Enhance Support to Investors in Indonesia

About Africa-ReAfrica Re is an International Financial Institution established on 24th February 1976 by 36 member States of the Organization of the Arican Union (AU, called then OAU) and the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.

A high level delegation from the Africa Reinsurance Corporation (Africa-Re),

the leading reinsurance company in Africa, headed by the Managing Director Mr. Corneille Karekezi, visited ICIEC and met with the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit, Dr. Abdel Rahman El-Tayeb Taha.

The main objective of the visit was to explore areas of cooperation between the two institutions, particularly in the takaful and retakaful areas.

The CEO of ICIEC highlighted ICIEC’s activities particularly in Africa, and areas where ICIEC and Africa-Re could cooperate in future transactions, either directly or indirectly, for the benefit of the private sector in common Member Countries. Dr. Taha took the opportunity to invite his guest to attend the 3rd Annual Meeting of AMAN Union (The Union of Export Credit Insurance Agency in OIC Member Countries to be held on November 2012 in Kuala Lumpur, Malaysia).

The Managing Director of Africa-Re expressed his thanks for the readiness of ICIEC to cooperate with Africa-Re and underlined the keen interest of his institution to benefit from ICIEC’s experience in credit and political risk insurance. Given that the two institutions serve the same clientele and have similar broad developmental objectives, he also expressed interest in subscribing in the ICIEC share capital reserved for financial institutions.

High Level Delegation from Africa Reinsurance Visit ICIEC

On April 30, 2012 in Makati City in the Philippines, ICIEC and the Indonesia

Infrastructure Guarantee Fund (IIGF) signed a Memorandum of Understanding (MOU) during the 2012 Asia Finance and Risk Mitigation Forum. The Chief Executive Officer of ICIEC Dr. Abdel Rahman Taha and Chief Executive Officer of IIGF, Ms. Sinthya Roesly signed the MOU. This MOU aims at establishing a lasting relationship between the two entities in the furtherance of their desire to co-ordinate their activities and seek mutual cooperation in promoting infrastructure investments into Indonesia while remaining consistent with their respective operational policies.

Commenting on the importance of this agreement, Dr. Taha said, “The signing of the MOU comes within the framework of ICIEC’s mandate to support the development of its Member Countries by providing export credit and political risk insurance to investment projects.” He added, “The two institutions will jointly work towards increasing awareness about the importance of political risk insurance for

foreign investors and financiers of projects. I am confident that singing this MOU with IIGF will greatly enhance both parties’ ability to support foreign direct investments into Indonesia.”

IIGF is a fully government-owned institution established by the Government of Indonesia (GoI) as a fiscal tool mandated to provide guarantees to mitigate the private sector exposure to government-related contractual risks in infrastructure Public Private Partnership (PPP) projects. The GoI has set up the IIGF to address the need for fiscal support to accelerate Indonesia’s infrastructure development, particularly under PPP scheme.

04BUSINESS DEVELOPMENTS

The Annual Report shows that the insurance business provided by ICIEC to its Member Countries’ investors and exporters stood

at over USD 3.2 billion, showing an increase of 59% compared to 1431H (2010G), while its financial results were positive despite the increase in credit and political risks results from the continuing global financial and economic difficulties.

Commenting on these results, the CEO of ICIEC, Dr. Abdel-Rahman Eltayeb Taha said, “We are proud that the Corporation has managed to increase its volume of business with exceptionally low claims ratio and maintained its strong financial position under such difficult circumstances. ICIEC’s strength has been underscored by the confirmation of the Aa3 rating assigned to the Corporation for the fourth consecutive year by Moody’s Investors Service.”

It is also worth mentioning that the success of the 37th Annual Meeting of the Islamic Development Bank Group is represented in strong outcomes of signing 40 agreements on funding projects in 21 Member States estimated at above USD 389 million.

The most outstanding event during the meetings of the IDB was the signing of a tripartite agreement between the IDB, Qatar, and Dallah

ICIEC provides more than USD 3billion in Export Credit Insurance to Member Countries

ICIEC’s BOG Approves 1432H Results

“The Kingdom is fully satisfied with the bank’s achieved results last year as well as its future plans”

Dr. Ibrahmin Al-Assaf, Minister of Finance of KSA

Al Baraka Group on the establishment a Mega Islamic Bank.

The meetings witness the attendees of 56 Ministers of Finance, Economy and Planning, Governors of Central Banks of Member Countries as well as several official guests representing various international entities.

“We are proud that the Corporation has managed to increase its volume of business with exceptionally low claims ratio and maintained its strong financial position under such difficult circumstances. ICIEC’s strength has been underscored by the confirmation of the Aa3 rating assigned to the Corporation for the fourth consecutive year by Moody’s Investors Service”Dr. Abdel-Rahman Eltayeb Taha, CEO of ICIEC

The CEO of ICIEC delivers his speech to the BOG of the Corporation

ICIEC NEWSLETTER - JUMADA II 1433H / MAY 2012- ISSUE NO. 19

ICIEC’S 19TH BOARD OF GOVERNORS ANNUAL MEETINGSPECIAL COVER

ICIEC ANNUALMEETING

New InsuranceCommitments

Change

3,3645%

Business Insured

Change

3,12359%

Premium & Fees

Change

15,376%

Claims Paid

Change

0,11(N.A)

Business Highlights

Total Shareholders’Equity

Change

1692%

Net Reserves

Change

411%

Financial Highlights

1431H1430H1429H1428H

3,2142,134

1,7061,530

3,364

1432H

New CommitmentsBusiness Insured

1428H 1429H 1430H 1431H 1432H

3,123

1,967

1,0291,4441,469

17%

2%2%

2%3%

5%

6%

7%14%

22%

20%

Bahrain

Egypt TurkeyAlgeria Jordan PakistanTunisia DjiboutiOthers

Saudi Arabia

United Arab Emirates

Business Insured by Beneficiary Country (Exports + Inward Investments) Premium and fees

1428H 1429H 1430H 1431H 1432H

15.416.3

12.513.2

9.6

Asset Mix

AlternativeInvestments2.7%

Equity1.5%

Sukuks11.5%

CommodityMurabahasand Mudaraba61.7%

MurabahaSyndications12.5%UIF Funds

10.2%

“The ICIEC maintained an IFSR of Aa3 for 2011 notwithstanding the impact of the global financial crisis. This rating placed the ICIEC at par with major insurers of credit and political risk in the global arena, hence consolidating the Corporation’s strategies and initiatives.”

1432H (2012) BUSINESS AND FINANCIAL HIGHLIGHTS

06 (In USD mn)

ICIEC, ICD and ITFC Unite to Support Private Sector in SudanIDB Group Client Day in Sudan

During the 37th IDB Group Annual Meeting, the IDB Group Business Forum (THIQAH),

along with the Sudanese Businessmen and Employers’ Federation Owners Union, ICIEC, the Islamic Corporation for the Development of the Private Sector (ICD) and the International Islamic Trade Finance Corporation (ITFC) organized a “Private Sector Clients Day” on Saturday March 31st 2012 at the Essalam Rotana Hotel in Khartoum.

The event was addressed by H.E. Ali Mahmoud Mohammed Abderrasoul, Sudan’s Minister of Finance and National Economy, Dr. Abdel Rahman Taha, the CEO of ICIEC, Eng. Hani Sonbol, the Deputy CEO of the International

Islamic Trade Finance Corporation (ITFC), Dr. Abdel Aziz Mustapha, Director of ICD and other high ranking officials from Sudan’s private sector and the IDB’s Member Countries. The event mainly focused on presenting the IDB Group entities sharing knowledge about their activities in Member Countries, particularly in Sudan, and promoting their products and services.

Each year the IDB Group Private Sector Clients Day brings together a select group of distinguished ICIEC, ICD, ITFC’s clients, CEOs of local, regional and international financial institutes, prestigious local companies and holdings, senior local officials, senior manager

“I call on the business sector to take the best out of the funding opportunities provided by the IDB Group to Sudan that include export insurance, direct foreign investment, infrastructure support and consulting services” Minister of Finance and National Economy of Sudan

During the agreements signing ceremony held on the sidelines of the 37th Annual

Meeting of IDB and the 19th Annual Meeting of ICIEC, and the Information and Credit Rating Agency (ICRA) signed a Memorandum of Understanding. The MOU was signed by the CEO of ICIEC, Dr. Abdel Rahman El-Tayeb Ali Taha and the General Director of ICRA, Dr. Abdalla Al-Hassan in the presence of H.E. Dr. Ahmad Mohamed Ali, the President of the IDB Group and the H.E. Dr. Mohamed Khair Al-Zubair, the Governor of the Central Bank of Sudan.

The MOU aims at facilitating the cooperation between the ICIEC and ICRA of Sudan in the domains of exchanging credit information as well as developing the credit rating Information in Sudan. The General Director of ICRA affirmed the importance of the signed MOU with regards to the identification of threats and the ability to meet the obligations toward the clients and investors and funding institutions.

ICIEC signs MOU with Sudan Information and Credit Rating Agency

of multilateral financial institutes and the elite of the local, regional and international investors and businessmen.

“I hope the MOU will help to attract and facilitate FDI to Sudan and encourage commercial deals with the Member States of the IDB.” General Director of ICRA, Dr. Abdalla Al-Hassan

From right to left: Dr. Abdel Aziz Mustapha, Director, ICD, Dr. Abdel Rahama Taha, ICIEC’s CEO , H.E Ali Mahmoud Mohameed Abderrasoul, Finance Minsiter of Sudan Finance, Mr. Mamoon Elberir President of the Business and Employers Federation and Eng. Hani Sonbol, Dupety CEO, ITFC

Dr. Abdel Rahman El-Tayeb Ali Taha, the CEO of ICIEC and Dr. Abdalllah Al- Hassan, the GD of ICRA sign the Agreement

ICIEC NEWSLETTER - JUMADA II 1433H / MAY 2012- ISSUE NO. 19

SPECIAL COVERICIEC ANNUAL

MEETING

IDB, Qatar and Al Baraka to Set Up $1 Billion Mega Bank

During the inaugural session of the IDB Group Annual Meeting and in the presence of H.E. Omar Hassan Al-Bashir, President of Sudan, IDB, Qatar and Dallah Al-Baraka Group

signed a Memorandum of Understanding to set up a Mega Islamic Bank with a paid up capital of USD 1billion.

The new bank is expected to target the establishment and funding of infrastructure projects, along with a program for standardization of products compatible with the rules of Islamic law, and also facilitate the establishment of a financial market amongst the Islamic banks, provide innovative solutions to manage liquidly through generation of assets, and the launch of an Islamic security market.

“The Mega Bank would facilitate the establishment of the financial market for Islamic Banks and provide innovative solutions for liquidity management.” President of the IDB Group

The excellent transport facilities offered by the Government of

Sudan and the good cooperation of the Sudanese authorities made our task easy to commute the delegates and guests of the IDB Annual Meeting. Thanks to them.

Nizar GhandouraHead, Transportation Committee

The good arrangements and the excellent cooperation of

the Sudan Civil Aviation Authority and Immigration Authority greatly facilitated the reception of more than 800 delegates and guests attended the Annual Meeting. Thanks to all.

Medhat AbdorabbohHead of the Reception Committee

On behalf of my colleagues in the Media Services Committee of the IDB Group

Annual Meeting, I would like to express my thanks and appreciation to the Sudanese Media and journalists from Member Countries as well as the international media representatives who worked constantly day and night to make the events of the IDB Group Annual Meeting in Khartoum a success. Their commitment and professionalism has contributed to this success.

Khaled A. NazerHead of Media Services Committee,

What they are saying about the Annual Meeting

H.E The President of Sudan witnesses the signing ceromony of the Agreement, , Khartoum, April 3, 2012

08SPECIAL COVER

ICIEC ANNUALMEETING

ICIEC &UBAF France A Model Partnership to Boost Trade Union de Banques Arabes et Françaises

(UBAF) as a trade oriented bank is convinced that risk sharing with insurers is a tool to further develop its activity in a challenging environment with continuous changes including political instability, financial crises and constrains under new international standards.

It was obvious that UBAF chooses ICIEC as its insurer because the two entities have the same objectives of developing the business of Arab / Muslims countries. Therefore, in 2009 UBAF signed a Documentary Credit Insurance Policy (DCIP) with ICIEC to cover counterparty risk (issuing bank risk) under UBAF’s confirmation of irrevocable letters of credit. Further to the implementation of this policy, UBAF acquired the possibility to manage credit lines of some of its clients in a more efficient manner by artificially boosting these limits (concept of leverage). Since then, UBAF has substantially increased the volume of its transactions with some clients while improving in parallel its income.

In 2011, UBAF had a LC volume of around half billion US dollars that was partially covered with ICIEC and which generated to UBAF net commissions of around USD 1.4 million. Such a situation would not have been achievable without:

- The premium calculation based on the following formula: Premium charged by ICIEC for a letter of credit = 70% of the commission charged by UBAF x Insurance Cover %

- The absence of reservation costs - The flexibility in the interpretation of the

terms and conditions of the policy to best suit UBAF’s needs in terms of cover

- The quick process by ICIEC of UBAF’s cover requests that allows UBAF to provide their clients (especially oil and soft commodities LCs) with an instant position on the transaction

Today a strong relationship has been established between the two entities and ICIEC is now considered by UBAF as one of its strategic partners.

Hussein K. JamaHead Country Risk Analysis, ICIEC

Tunisia, the epicenter of the Arab Spring in early 2011, has had a long history

of political stability, albeit with a price, and a strong economic growth that averaged between 5% and 6%. The country is known for its skilled workforce and relatively advanced industrial sector, although the benefits of this growth barely trickled down to the rural areas, and the country suffered from chronic high growth unemployment.

With the arrival of the Arab Spring, the image of political stability shattered and subsequently the economy faltered, not least because Tunisia’s main export destination, the Euro-zone, went into economic difficulties. Tunisia’s GDP contracted by 2.2% in 2011. Despite the difficult economic environment, the inflation rate has remained subdued due to the slowdown in domestic demand and the Dinar, pegged to the Euro, has become resilient, thanks to the authorities’ capacity to defend it with foreign reserves.

The relatively smooth transition to multiparty political landscape augured well for the country’s stability, hence a moderate GDP growth of 2.8% is estimated for 2012 while

ICIEC Supports Tunisia’s Recovery

better prospects are projected for 2013, with the assumption that the political transition will officially be concluded by the national elections scheduled to take place before June 2013.

In the final analysis, Tunisia has shown resilience in sorting out its political and religious cleavages that followed the fall of the former regime. There are grounds to believe that this will continue in the medium and long term, and the economy is expected to fully regain its lost grounds in 2013 and onwards. ICIEC considers Tunisia’s current country risk as acceptable and is open to support both short-term trade credits and long term direct investments in the country.

ICIEC, MIGA & OECD to Encourage Investmentin Tunisia

The 2nd Tunisia Investment Forum

As an official partner, ICIEC will participate in the Tunisia

Investment Forum on “New Tunisia Faces Future Challenges & Opportunities” which will be held at the Armada Hotel, Tunisia on June 14 and 15, 2012. The event will be organized by the Foreign Investment Promotion Agency (FIPA) and will gather top business leaders from the around the world and especially from the MENA region and Europe.

ICIEC, as a part of the workshop session, will be shared with MIGA and OECD, investors and contractors who will have opportunities to meet ICIEC management to discuss mitigating the perception risks in Arab Spring Countries with focus on Tunisia.

ICIEC NEWSLETTER - JUMADA II 1433H / MAY 2012- ISSUE NO. 19

COUNTRY DEVELOPMENTS

POLICYHOLDER IN FOCUS

On April 11th, 2012 the IDB Group President, Dr. Ahmad Mohamed Ali received at IDB

Headquarters members of African Corps Diplomatic (CD), the Jeddah-based Consuls General accredited to the Kingdom, led by the Algerian Consul General and Dean of African Group Council of accredited Consuls, Saleh Atiyah.

Reciprocating the visit of H.E. Hamadi Jebali, the Prime Minister of Tunisia on February 20th, 2012 to the IDB Group Headquarters, H.E.

Dr. Ahmed Mohamed Ali, the President of the IDB Group led a high level delegation to Tunisia, comprising the CEO of ICIEC, Dr. Abdel Rahman Taha and the Assistant to the CEO, Lotfi Zairi.

The delegation met with H.E. Dr. Moncef Marzouki, the President of Tunisia and a line-up of Ministers led by the Prime Minister and Government representatives responsible for the economic, developments and planning, employment, agriculture, and financial sectors to discuss existing and especially new projects that IDB will start carrying out in Tunisia.

The delegation had a meeting with the Governor of the Central Bank of Tunisia, where ICIEC took the opportunity to introduce its services and highlighted the important role that ICIEC can play in favor of Tunisia to support its efforts in promoting its exports and overseas investment, especially in Africa, and in attracting FDIs from abroad.

On 14th March 2012, Under the Patronage of the H.E. Goodluck Jonathan GCFR, President of the Federal Republic of Nigeria the IDB

Group in cooperation with the Federal Ministry of Finance of Nigeria and the Nigerian National Investment Promotion Commission (NIPC) organized the “IDB Group-Nigeria Business Forum”. During the opening ceremony, IDB and the Government of Nigeria signed an agreement to support bilingual (Arabic/English) education in Nigeria. The Agreement would help bridge the gap between formal and informal education in Nigeria.

ICIEC delegation headed by the CEO organized a presentation of ICIEC’s services and had a high-level interaction with the Government of Nigeria. Also, the delegation visited the Nigerian Exim Bank and the Nigerian Investment Promotion Commission and discussed with them areas of cooperation in order to develop export credit insurance and investment in Nigeria.

The IDB Group organized an investment forum in Kuala Lumpur under the theme “Toward Strategic

Business Partnership between Malaysia and IDB Member Countries”. The CEO of ICIEC was part of the delegation led by the IDB Group President, Dr. Ahmed Mohamed Ali. The event aimed to enhance opportunities of investment and business partnership between Malaysia and IDB Group entities.

10ICIEC CHAIRMAN’S ACTIVITIES

IDB Group Investment Promotion Technical Assistance Program

ITAP contracted the International Development Ireland (IDI) Ltd to conduct a Capacity Program on “Sector Analysis and Project Appraisal for FDI” purposes to 12 SLIEPA

staff in Freetown, Republic of Sierra Leone during March 14 to 16, 2012.

The training program was delivered by Mr. Kevin Moore of IDI. The program included presentations, discussion and case studies on sectors assessment in terms of sector competitiveness prospects and the ability of SLIEPA to successfully provide assistance in realizing sustainable outcomes of the identified priority sectors in the country.

SLIEPA’s Chairperson Mrs. Strasser-King commended ICIEC and BADEA to support the Republic of Sierra Leone by enhancing the capacities and capabilities of SLIEPA to attract more inward foreign direct investment.

ITAP, in collaboration with the World Association of Investment Promotion

Agency (WAIPA), organized the Capacity Building Program, which took place in Astana, Kazakhstan during March 5 - 7, 2012. The training was attended by 19 participants representing Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Tatarstan and Moldova.

The program included presentations by participants from Kazakhstan, Kyrgyzstan,

ICIEC and BADEA Support Investment Promotion in Sierra Leone

As participants we learnt a

lot from a trainer who had a wealth of knowledge in Investment Promotion, Project Development, and Export Promotion etc. and we had a great and invaluable view of best practices around the world on related subjects. We thank the IDB for the support given to SLIEPA and we look forward to subsequent programs and collaboration with the Islamic Development Bank.

Raymond Kai GbekieDirector of Investment PromotionSierra Leone Investment And Export Promotion Agency (SLIEPA)

Sierra Leone Mission

ITAP - WAIPA - KAZANEX INVEST Conduct Capacity Building Program in Kazakhstan

Capacity Building Program for UIA

Tajikistan, Uzbekistan, Moldova and Tatarstan. The VP Business Development of Invest Sweden, Mr. Rolf Rising presented a modern approach to investment promotion and highlighted the experience of Invest Sweden in Lead Generation and Sales. Head of Research & Customer Insight from UK Trade and Investment, Mr. Raul Kharbanda lectured on Generating Leads. He highlighted the importance of tracking systems, leads follow

up and a monitoring and evaluation system.

The Director of FDI Marketing Associates and Associate Senior Consultant with Oxford Intelligence UK, Mr. Peter McDermott presented three lectures on “Practical Steps in Lead Generation”. The Project Coordinator of OECD Eurasia Competitiveness Program form OECD, Mr. Gregory Lecomte presented two lectures on “Sector Analysis Methodology”.

In the context of its Technical Assistance project for Uganda Investment Authority (UIA), and in collaboration with the

Arab Bank for Economic Development in Africa (BADEA), ITAP implemented a training program on “Investment Promotion” for 12 UIA staff members during the period 24-26 April 2012 in Kampala, Uganda.

The training aimed at equipping UIA staff members with the necessary skills much needed to promote Uganda as a favourable destination for FDI. The three-day training has also enhanced the capabilities and knowledge of participants on the mechanisms, approaches as well as methodologies of promoting the country’s investment potentials to foreign investors.

Mrs Strasser-king the SLIEPA’s Chairperson delivering certificates to participants

ICIEC NEWSLETTER - JUMADA II 1433H / MAY 2012- ISSUE NO. 19

ITAP NEWS & DEVELOPMENTS

PARTICIPANT FEEDBACK

ICIEC’s Representative Office in DubaiAl Kifaf Building, P.O.Box:114462Etisalat Tower 2 - 26 floor, Sheikh Zayed Road, Dubai, UAETel: (+971) 4 3779444 - Fax: (+971) 4 3581101Mob:(+971) 0566593131E-mail: iciec@isdb.org, sarahsalem@isdb.orgRegistred in DIFC No. 0511

ICIEC HeadquartersP.O.Box 15722 Jeddah 21454Kingdom of Saudi ArabiaTel.: (+966) 2 644 5666 - 646 7609 / 7597 / 7595 / 7589Fax: (+966) 2 637 9755 - 644 3447E-mail: iciec@isdb.org

Editor-in-ChiefDR. ABDEL RAHMAN EL-TAYEB TAHAThe Chief Executive Officer

Editors: Owais Diyan, Dr. Khalid KhalafallaManaging Editor : Jamel Eddine NagaPromotion & International Relations Unitjnaga@isdb.org

The Berne Union announced on April 26th, 2012 the appointment of Peter Jones as its new Secretary-General of the Union, replacing

Kimberly Wiehl who left her post on August 1st, 2011, after 20 years of serving the Union.

Peter Jones, a UK national, has a distinguished career in credit and investment insurance as well as in the banking sector. Prior to his appointment to the Union, Peter Peter Jones is a finance and insurance consultant based in England. He was CEO of African Trade Insurance (ATI, member of the BU Prague Club) from 2006-2009, and held senior positions at MIGA (World Bank Group, member of the Berne Union) from 1999-2006, at EDC (member of the Berne Union)

from 1995-1999, at Canadian Imperial Bank of Commerce from 1987-1995, and at Grindlays Bank / ANZ Bank from 1980-1987.served as the Chief Executive Officer of the African Trade Insurance (ATI). Peter Jones started his work as Secretary General on 14 May 2012.

On this occasion, on behalf of the Corporation Dr. Abdel Rahman Taha, the CEO, congratulates Peter and wishes him success in his mission as Secretary-General of the Union.

AMAN Union Organizes 4th Executive Council Meeting and 2nd Underwriting Training

“It is a very important opportunity for staff from the industry to meet in such training, to actively interact with each other, allowing easy exchange of expertise and knowledge.” Dr. Taha, CEO of ICIEC and General Secretary of AMAN Union,

Eng. Saed Al Awadi, the CEO of the Export Credit Insurance Company of the Emirates (ECIE) and the chairman of the Executive Council of AMAN

Union for the year 2012-2013, chaired the 4th Executive Council Meeting that took place on April 11th, 2012 at the ECIE offices in Dubai. The meeting was attended by the executive members from ICIEC, DHAMAN, Turk Exim Bank, Saudi Export Program (SEP), Export Guarantee Fund of Iran (EGFI), COTUNACE of Tunisia and ECIE. Representatives from Malaysia EXIM Bank and RIME also attended the meeting to discuss the 3rd General Annual Meeting of the AMAN Union to be held in Kuala Lumpur, Malaysia during November 20 - 21, 2012 and the Database Project, respectively.

Before the Executive Council Meeting, the Secretariat General of AMAN Union organized the second underwriting training from April 8 - 11, 2012. The training was attended by 40 participants from 16 Export Credit Agencies members of the AMAN Union. The training was opened by a speech delivered by the CEO of ECIE, Eng. Saed Al Awadi, followed by a welcome address by the Coordinator of AMAN Union, Mr. Mourad Mizouri.

The Agenda of the training included a two day session on buyer and bank risk underwriting, whereas two additional days were dedicated to bond insurance. The training was delivered by experts from including ICIEC, Atradius Re, Turk Exim Bank and LCI of Lebanon and concentrated their presentation on practical cases in order to give to the trainees the necessary tools to help better perform their job as underwriters.

Berne Union announces the Appointment of Peter Jones as the General Secretary On its 20th

meeting held on March 29th, 2012 in Manama, Kingdom of Bahrain, the Islamic Financial Services Board (IFSB) Council approved the appointment of Lotfi Zairi from ICIEC as a member of the IFSB Technical Committee. Dr. Taha The CEO of ICIEC congratulates Lotfi for this honorable position and is confident that he will successfully bring the voice of the takaful industry to the Council.

the 4th Executive Councel Meeting of the Aman Union, April 11th, 2012 - Dubai, UAE

12AMAN UNION NEWS