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Supporting Trade and Investment in Member Countries
ICIEC and The Bangladesh Bank sign an MOU
July 30, 2013, Dhaka Bangladesh. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), member of the Islamic Development Bank Group and the Bangladesh Bank ( The Central Bank of Bangladesh) signed a Memorandum of Understanding (MOU) aims to boost cooperation in promoting trade and investment in Bangladesh.
The MOU was signed on behalf of ICIEC by Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive and on behalf of the Bank of Bangladesh H.E Mr. Atiur Rahman, Governor of the Bangladesh Bank.
The objective of the MOU is to establish a basis for the exchange of information between the two institutions on banking industry’s condition and operating performance and ICIEC exposures on the banks operating in Bangladesh.
It is expected that the MOU will help pave the way forward for ICIEC in meeting its objectives under the IDB Group Member Country Participation Strategy (MCPS) for Bangladesh, through enhance letter of credit coverage and support in terms of political risk insurance coverage of Foreign Direct Investment (FDI).
Commenting on the MOU Dr. Abdel Rahman Taha, the CEO of ICIEC 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 “I am confident this will greatly enhance ICIEC’s ability to support exporting companies operating in Bangladesh, and also will help to attract more FDI”
