DUBAI: To promote agri-food projects and investments, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank (IsDB) Group, and the Islamic Food Processing Association (IFPA), signed an agreement on Saturday.
The agreement will provide ICIEC and IFPA a general framework for collaboration including attracting and promoting investment in agribusiness and food security, collecting due diligence, KYC and credit search documentation of prospective customers, referring potential clients, promoting joint marketing and promotion activities and boosting the involvement of SMEs in agri/food business.
IFPA is headquartered in the Astana International Financial Centre in Nur Sultan in Kazakhstan. It is a subsidiary of the Islamic Organization for Food Security (IOFS), and a specialized international agency of the Organization of Islamic Cooperation (OIC).
A statement by ICIEC said that IFPA aims to develop direct relationships between agricultural businesses in the IOFS member states by establishing B2B cooperation between private sectors among OIC member states.
It is also a platform for strengthening intra-OIC trade, enhancing investment activities among OIC countries, developing and implementing large-scale inter-state projects, concluding trade operations, and intensifying trade and commercial outreach, the statement added.