The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), acting as agent of the Republic of Austria under the Export Guarantees Act, are pleased to announce the signing of a Framework Reinsurance Agreement designed to expand capacity and enhance risk-sharing for eligible export credit and investment insurance transactions. The agreement was signed during the 2026 Spring Meeting of the Berne Union, hosted by KazakhExport in Astana from 11 to 14 May 2026.
Under the agreement, ICIEC will provide facultative reinsurance on a case-by-case basis for OeKB-supported insurance facilities. The arrangement will help enhance support for Austrian exporters, lenders, and investors undertaking transactions with counterparties in ICIEC Member States, while contributing to the mobilisation of trade, investment, and development-oriented projects across key markets.
The reinsurance arrangement applies to the principal portion of covered credit exposures, with participation levels to be mutually agreed and documented for each transaction. By combining OeKB’s export credit insurance expertise with ICIEC’s multilateral mandate and deep understanding of risks across its Member States, the agreement will help unlock additional capacity for transactions that support economic connectivity, private sector development, and sustainable growth.
Commenting on the signing, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said:
“Building on the reinsurance agreement signed between ICIEC and OeKB in 2023, this Framework Reinsurance Agreement marks another important step in deepening our institutional cooperation. It provides a practical platform to expand reinsurance capacity, enhance risk-sharing, and support eligible export credit and investment insurance transactions involving Austria and ICIEC Member States. Through this partnership, ICIEC will continue to help mitigate risks, mobilise trade and investment, and support transactions that contribute to sustainable economic growth and development impact across our Member States.”
Gerhard Kinzelberger, Senior Director, International Relations&Country Analysis, said: “Many member countries of ICIEC are dynamically growing, interesting markets for Austrian export companies. We are therefore very pleased about the conclusion of this reinsurance agreement, with which we can support Austrian exporters in OIC member states even better in their projects and investments”
Through this Framework Reinsurance Agreement, ICIEC and OeKB are establishing a stronger platform for cooperation that can support eligible transactions, expand insurance capacity, and contribute to increased trade and investment flows between Austria and ICIEC Member States. The agreement also underscores the role of reinsurance partnerships in enabling risk mitigation, strengthening market confidence, and supporting sustainable economic development.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Contact:
Email: ICIEC-Communication@isdb.org
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About ICIEC:
As a member of the ‘AAA’ rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to companies and parties in its 51 Member States. ICIEC, for the 18th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC’s “AA-“ long-term Issuer Credit and Financial Strength Rating for the third year with a Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 139 billion in trade and investment. ICIEC’s activities are directed towards key sectors such as energy, manufacturing, infrastructure, healthcare and agriculture.
For more information, visit: http://ICIEC.IsDB.org
About OeKB:
Oesterreichische Kontrollbank AG (OeKB) is Austria‘s central provider of financial and information services to the export industry and the capital market. Its shareholders are commercial banks domiciled in Austria. OeKB is the Austrian Government’s official Export Credit Agency (ECA). In this function OeKB is ready to support Austrian exporters and their international customers. To advance Austrian competitiveness and support companies doing business abroad, OeKB issues export guarantees to cover payment defaults abroad and offers – through commercial banks as partners – attractive financial solutions. https://www.OEKB.at
