ICIEC dedicated to supporting Azerbaijan’s inexperienced development agenda – CEO (Exclusive Interview)

BAKU, Azerbaijan, November 30. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is totally dedicated to supporting Azerbaijan’s 2030 National Priorities, with a selected emphasis on sustainable financial development and the promotion of a inexperienced development agenda, particularly in the liberated territories, Oussama Kaissi, CEO of ICIEC, mentioned in an unique interview with Trend. “This will allow us to play an instrumental position in selling inexperienced investments inside the nation.

Azerbaijan has been very energetic in sustainable and environmentally pleasant tasks comparable to wind and solar energy, decarbonization, inexperienced hydrogen, inexperienced ammonia, and so forth. On the opposite hand, ICIEC has in depth expertise in renewable power tasks comparable to wind farms in Türkiye, Waste-to-Energy (WTE) venture in Sharjah, UAE, Benban Solar Power venture in Egypt, solar-powered irrigation and local weather change-related tasks in Uganda. ICIEC can also be collaborating in the Food Security Response Program (FSRP) of the IsDB Group,” he mentioned.

Oussama Kaissi identified that due to this fact, we’ll contribute to the economic system of Azerbaijan by supporting key authorities tasks, together with the Public-Private Partnership (PPP) tasks. “We purpose to collaborate carefully with Azerbaijani establishments and stakeholders to formulate and implement sustainable growth initiatives. Our intent is to facilitate the adoption of greatest practices in sustainable financial development and promote a inexperienced and environmentally accountable method to investments.

These measures will permit us to align successfully with Azerbaijan’s growth targets, fostering a extra sustainable and affluent future for the nation,” he added. Cooperation on tasks in Karabakh Kaissi famous that ICIEC will present insurance coverage for overseas traders in Azerbaijan’s liberated lands. “ICIEC sees its position in Azerbaijan as that of a dependable and proactive funding accomplice.

We consider that by offering funding and export credit score insurance coverage options, we play a vital position in mitigating dangers and offering credit score enhancements, thereby making Azerbaijan a gorgeous vacation spot for potential traders. We are actively cooperating with AZPROMO to draw long-term overseas direct investments (FDI) to Azerbaijan. ICIEC has additionally been working with worldwide banks and insurers for commerce and funding transactions in ICIEC’s 49 member nations.

Therefore, ICIEC’s involvement as a multilateral insurer creates a constructive funding local weather for overseas traders and facilitates entry to financing alternatives for key authorities tasks,” added Kaissi. Furthermore, the CEO famous that ICIEC expertise and experience within the sector permit it to share helpful insights and market information with potential traders. “This, in flip, empowers them to make knowledgeable choices and seize alternatives in a assured method.

Ultimately, our position as an funding accomplice goes past danger mitigation; it features a dedication to fostering financial prosperity and attracting numerous traders to Azerbaijan. ICIEC will certainly contribute to the “Great Return Program” of the Government of Azerbaijan by attracting investments to the liberated territories by offering insurance coverage cowl to overseas traders in numerous sectors comparable to renewables, agriculture, transportation, communication, healthcare, and so forth. ,” he defined.

Insurance protection to Azerbaijan Kaissi famous that to this point, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has prolonged insurance coverage protection totaling $109 million, encompassing $64 million for commerce and $45 million for investment-related transactions in Azerbaijan. He mentioned that these figures underscore the group’s unwavering dedication to supporting Azerbaijan’s financial endeavors. “ICIEC offered reinsurance assist to KazakhExport JSC, the nationwide export credit score company (ECA) of Kazakhstan, for the lease of locomotives to Azerbaijan Railways.

The transaction entails the monetary leasing of 10 diesel locomotives of Type TE33A by the Industrial Development Fund (lessor) to Azerbaijan Railways, which is the importer/lessee of the locomotives. In 2015, KazakhExport JSC insured the transaction for the total lease interval of 10 years, and ICIEC offered facultative reinsurance cowl for USD 25 million,” added Kaissi. The CEO went on so as to add that from ICIEC’s perspective, the transaction meets the standards of supporting intra-OIC commerce because it entails the export of capital items from Kazakhstan to Azerbaijan, each ICIEC member nations.

“The transaction additionally meets SDG 9 of the United Nations, which is pertinent to Industry, Innovation, and Infrastructure. In addition to the Azerbaijan Railways transaction, ICIEC facilitated export transactions from different ICIEC Member Countries to Azerbaijan, totaling $64 million,” he mentioned. Ongoing tasks ICIEC is working with Azerbaijan on chosen tasks, Kaissi mentioned.

He recalled that in February 2023, the President of the Islamic Development Bank (IsDB) Dr. Muhammad Al Jasser, paid a high-level go to to Azerbaijan and met with President of Azerbaijan Ilham Aliyev. “In September, I led a mission to Azerbaijan to determine the important thing growth priorities of the nation and potential areas of cooperation from ICIEC’s perspective.

During the mission, I met with the IsDB & ICIEC governor,minister of economic system Mikayil Jabbarov, the IsDB & ICIEC alternate governor, minister of finance Samir Sharifov; minister of power Parviz Shahbazov; minister of digital growth and transport Rashad Nabiyev and minister of well being Teymur Musayev,” mentioned Kaissi. The CEO went on so as to add that the mission additionally coated conferences with the ministry of training, the Central Bank of Azerbaijan, SOCAR, AZPROMO, Azersigorta, Azerbaijan Investment Holding, Azerbaijan Investment Company, Small and Medium Business Development Agency (KOBIA), State Mortgage and Credit Guarantee Fund, Chamber of Commerce and Industry, non-public insurance coverage corporations and banks. “The mission was very profitable in that we recognized the precedence tasks and initiatives in numerous sectors, comparable to selling Foreign direct investments (FDI), banking, renewable power, transportation, communication, healthcare, and SMEs.

Currently, in coordination with the Office of the Governor, we’re working with the related ministries and authorities entities on the chosen tasks. We hope to finalize them in 2024 and 2025,” he mentioned. Kaissi went on so as to add that ICIEC’s presence as a collaborative accomplice serves as a beacon of reassurance and encouragement for potential traders exploring alternatives inside Azerbaijan.

“The funding tasks will contribute to employment technology, the event of superior and environment friendly infrastructure, and improved high quality of life for residents,” he added. Trade and funding initiatives in Central Asia Kaissi mentioned ICIEC is able to assist commerce and funding initiatives in Central Asia, Oussama Kaissi mentioned. “From ICIEC’s perspective, we anticipate strengthened collaboration and shared initiatives with a selected concentrate on selling funding and export credit score insurance coverage.

We envision that the Azerbaijani management will play an important position in driving discussions, initiatives, and strategic choices that can improve the group’s effectiveness,” he mentioned. Kaissi famous that when it comes to regional financial growth, ICIEC expects that Azerbaijan will lead within the growth and implementation of revolutionary options and methods that foster financial development and stability inside the area. “By actively involving all member states, together with Azerbaijan, in decision-making processes, we anticipate a extra inclusive and complete method to addressing the challenges and alternatives going through the area.

The distinctive location of Azerbaijan as a transportation hub between Central Asia and Europe requires investments to be made within the Middle Corridor. Therefore, Azerbaijan and Kazakhstan are cooperating to facilitate the commerce by the Caspian Sea route. Azerbaijan and Uzbekistan established a joint funding fund to spend money on joint tasks.

Azerbaijan and Turkmenistan are additionally cooperating in tasks within the Caspian Sea. Türkiye is a crucial commerce and funding accomplice of Azerbaijan. ICIEC is able to assist such initiatives within the area, which is consistent with its mandate of fostering financial cooperation among the many OIC Member States,” he added.

Kaissi went on so as to add that ICIEC appears ahead to exploring new and revolutionary methods to drive sustainable financial development, cut back funding dangers, and facilitate monetary stability in collaboration with Azerbaijan and different member nations. “We consider that this 12 months holds vital promise for reaching our shared targets and making a constructive affect on regional financial growth,” he mentioned. Follow the writer X: @Lyaman_Zeyn Azerbaijan’s renewable vitality sources to assist decarbonize transport sector – World Bank.