In a bid to foster the exchange of expertise in export credit and investment insurance, joint marketing, and the development of tailored products for the export and investment markets, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, announced a landmark partnership with the Nigerian Export-Import Bank (NEXIM).

Both entities signed a Memorandum of Understanding (MoU) for cooperation during the IsDB Group Annual Meetings 2025, held in Algiers, Algeria, at a ceremony attended by senior officials from their organizations, led by Dr. Khalid Khalafalla, ICIEC CEO, and Mr. Abba Bello, Managing Director & CEO at NEXIM Bank.

This MoU establishes a strategic framework aimed at deepening cooperation between ICIEC and NEXIM Bank, with a focus on key areas that will strengthen the export credit and investment insurance landscape, according to a joint statement by both organisations.

The collaboration seeks to promote financial and trade relations while driving economic growth across ICIEC’s member states and beyond, just as it will foster the exchange of expertise in export credit and investment insurance, joint marketing, and the development of tailored products for the export and investment markets.

Capacity-building initiatives, the statement added, will equip NEXIM to sustain long-term benefits, while enabling it to leverage its capacity effectively, supported by ICIEC, to achieve its ambitious goals.

Also, NEXIM has joined the AMAN Union, further enhancing its outreach within the export credit insurers of the OIC Member States.

Commenting on the MoU, Dr. Khalafalla, expressed his enthusiasm, which he said “represents a significant milestone in our commitment to supporting the export and investment sectors across our member states. By collaborating with NEXIM Bank, we are reinforcing the foundation for increased trade and investment flows, while providing enhanced risk mitigation tools for Nigerian exporters.”

For Bello, the NEXIM CEO, the “partnership aligns with ICIEC’s broader efforts to facilitate trade and investment across its member states and contribute to the realization of sustainable development goals through innovative insurance and reinsurance solutions. The cooperation between ICIEC and NEXIM will play a pivotal role in fostering economic stability and enhancing competitiveness for both entities and their respective stakeholders.”