The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) have signed a Framework Reinsurance Agreement designed to expand capacity and enhance risk-sharing for eligible export credit and investment insurance transactions.
Under the agreement, ICIEC will provide facultative reinsurance on a case-by-case basis for OeKB-supported insurance facilities. The arrangement will enhance support for Austrian exporters, lenders, and investors undertaking transactions with counterparties in ICIEC Member States, while contributing to the mobilization of trade-, investment-, and development-oriented projects across key markets.
According to the statement, the reinsurance arrangement applies to the principal portion of covered credit exposures, with participation levels to be mutually agreed and documented for each transaction. By combining OeKB’s export credit insurance expertise with ICIEC’s multilateral mandate and deep understanding of risks across its Member States, the agreement will help unlock additional capacity for transactions that support economic connectivity, private sector development, and sustainable growth.
Dr. Khalid Khalafalla CEO – ICIEC
“Building on the reinsurance agreement signed between ICIEC and OeKB in 2023, this Framework Reinsurance Agreement marks another important step in deepening our institutional cooperation. It provides a practical platform to expand reinsurance capacity, enhance risk-sharing, and support eligible export credit and investment insurance transactions involving Austria and ICIEC Member States. Through this partnership, ICIEC will continue to help mitigate risks, mobilise trade and investment, and support transactions that contribute to sustainable economic growth and development impact across our Member States.”
Gerhard Kinzelberger, Senior Director, International Relations and Country Analysis, said that, “Many member countries are dynamically growing, interesting markets for Austrian export companies. We are therefore very pleased about the conclusion of this reinsurance agreement, with which we can support Austrian exporters in OIC member states even better in their projects and investments.”
Through this Framework Reinsurance Agreement, they are establishing a stronger platform for cooperation to support eligible transactions, expand insurance capacity, and increase trade and investment flows between Austria and ICIEC Member States.
The agreement also underscores the role of reinsurance partnerships in enabling risk mitigation, strengthening market confidence, and supporting sustainable economic development, as per the statement.
