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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank Group, recently announced that it has provided $80m reinsurance support to the Overseas Private Investment Corporation (OPIC) for the latter’s political risk insurance policy to Apache Corporation. The policy was issued to Apache to cover its investment in Egypt against political risks for a tenor in excess of five years.
Apache’s project in Egypt involves exploration of oil and gas under various concessions granted by the government in several locations with its main activities in the Western Desert. Its commitment to Egypt began in 1994 with its first Qarun discovery well.
Eng. Hani Salem Sonbol, the Acting Chief Executive Officer of ICIEC commented on this transaction and said that “ICIEC’s involvement in this transaction is in line with its strategy of supporting member countries with respect to retaining foreign direct investments in the country during this critical transitional period for Egypt”.
