The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the IsDB, has signed an MoU with UAE-government-owned Abu Dhabi Future Energy Company (Masdar) to promote renewable energy projects in the ICIEC’s member states.
Under the MoU, Masdar and the ICIEC will work together on the origination, financing and execution of renewable energy projects, including the transition into clean energy in markets of mutual interest to both parties.
The ICIEC has a mandate to channel foreign investments into its member states and facilitate trade transactions between them, as well as supporting them to transition into a green ecoomy while ensuring sustainable economic growth. It also has access to member states’ national and sub-national bodies, who are the custodians of climate action projects and transactions.
Meanwhile, Masdar, a subsidiary of Mubadala Development Company founded in 2006, focuses on low-carbon urban development and clean technologies, with projects in MENA among other markets.
Both entities share a common interest in contributing to the international climate finance architecture.
“At the ICIEC, each of our insurance policies, whether the policyholder is a financial institution, specialized company, or contractor, that offers cover against political and commercial risks, can contribute to the flow of Climate Action-related investment, specialized technology and equipment or services into its member states, thereby contributing to the goals of the Paris Climate Agreement and UN SDG Agenda,” Oussama Kaissi, CEO of the ICIEC, noted.