Islamabad: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has announced a significant partnership with the Export-Import Bank of Pakistan (EXIM Bank of Pakistan) through a newly signed Reinsurance Agreement. This collaboration aims to fortify Pakistan's export sector by increasing risk-mitigation capacity and expanding support for exporters, particularly small and medium-sized enterprises (SMEs).

According to African Press Organization, the agreement was formalized during ICIEC's mission to Pakistan. It is set to enhance EXIM Bank's ability to provide export credit insurance solutions, thereby facilitating access to credit for Pakistani businesses. The reinsurance support from ICIEC will cover eligible export transactions, improving risk-sharing capacity and enabling businesses to explore regional and international market opportunities with increased confidence.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, emphasized the importance of this agreement in strengthening Pakistan's export ecosystem. By leveraging ICIEC's reinsurance capacity alongside EXIM Bank's local expertise, the partnership is expected to expand protection for exporters and enhance their financial access. This, in turn, will help Pakistani businesses, especially SMEs, to compete more effectively on a global scale. Dr. Khalafalla also highlighted the commitment to collaborating with national export credit institutions to unlock new trade opportunities and support sustainable economic growth across Member States.

The agreement underscores the ongoing cooperation between ICIEC and Pakistan, reflecting a mutual dedication to increasing effective risk-mitigation solutions for the country's exporters. Both ICIEC and EXIM Bank of Pakistan anticipate further strengthening their partnership to support the continuous development of Pakistan's export sector.