The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Global Green Growth Institute (GGGI) have signed a significant memorandum of understanding during COP28, aimed at advancing sustainable economic development.
Under the leadership of ICIEC CEO Oussama Kaissi and GGGI Director General Dr. Frank Rijsberman, the memorandum focuses on connecting ICIEC's credit and political risk insurance tools to funds, transactions, and projects in common member and partner states. A primary emphasis is on scaling up climate-resilient agriculture and transforming food systems in Africa and the Middle East through the Africa and Middle East SAFE Initiative.
The partnership extends to supporting member states in achieving their nationally determined contributions, utilizing ICIEC's de-risking capabilities alongside multilateral and private sector financing. The collaboration will also include thought leadership, capacity building, knowledge product development, and the exchange of technical expertise in Climate Risk and Vulnerability Assessment.
ICIEC's Kaissi expressed the commitment to sustainable economic development, aiming to bring tangible impact with a specific focus on climate-resilient agriculture and food system transformation in Africa and the Middle East. Rijsberman highlighted the transformative potential of the collaboration, emphasizing the importance of de-risking and private sector financing in addressing climate challenges and benefiting millions of people in both regions.
ICIEC and GGGI play crucial roles in advancing sustainable economic development, addressing climate challenges, and contributing to global environmental goals.
