ICIEC, Afreximbank to boost Arab-African trade and investment

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer of the Islamic Development Bank Group, and the African Export-Import Bank (Afreximbank) have signed a far-reaching Memorandum of Understanding aimed at dramatically expanding trade and investment between Arab and African nations.

The agreement was inked at Afreximbank’s headquarters by Eng. Yasser Alaki, ICIEC’s Director of Business Development, and Mr. Kofi Asumadu Addo, Director of Guarantees and Specialised Finance, representing Afreximbank’s Executive Vice President for Global Trade Bank, Mr. Haytham ElMaayergi.

Under the new partnership, the two institutions will pool their expertise in credit and political risk insurance, trade finance, and market intelligence to create a seamless support ecosystem for businesses operating across the Arab-Africa corridor.

Key pillars include risk-sharing arrangements that will help unlock billions in new financing, structured exchange of trade and investment data, joint capacity-building programmes, and enhanced collaboration on digital platforms such as Afreximbank’s TRADAR Club and the AfrexInsure initiative.

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Eng. Yasser Alaki hailed the accord as “a milestone in inclusive and sustainable trade,” declaring that the combination of ICIEC’s risk-mitigation muscle and Afreximbank’s continent-wide financing network will turn ambition into action for thousands of companies.

From the Afreximbank side, Executive Vice President Haytham ElMaayergi described the MoU as the latest chapter in a long-standing relationship designed to deepen Arab-African economic integration. “This partnership will deliver tangible outcomes in market development, risk-sharing, digital innovation, and skills transfer,” he said, adding that it will directly advance the goals of the Arab-African Trade Bridge (AATB) programme.

With immediate effect, public and private sector players in ICIEC’s 49 member states and Afreximbank’s growing pan-African footprint will gain easier access to blended insurance-finance solutions, cutting-edge market intelligence, and joint advisory services—tools widely seen as critical to scaling intra-regional trade that still lags far below its potential.