Jeddah: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group, and GE Energy Financial Services, Inc (GE Vernova) have formalized their collaboration through a memorandum of understanding aimed at bolstering sustainable development and climate action across the 49 ICIEC member states, according to a press release issued by ICIEC.

The MOU, signed on the sidelines of COP28 by ICIEC CEO Oussama Kaissi and GE Vernova President and CEO Nomi Ahmad, establishes a cooperative framework to leverage ICIEC’s suite of insurance and credit enhancement solutions, alongside GE Vernova’s expertise in energy sectors with focus on renewable energy. According to the release, this collaboration will accelerate the deployment of capital, goods and services necessary for sustainable energy projects in ICIEC member states.

In a statement highlighting the developmental potential of this cooperation, Kaissi said: “Our collab
oration with GE Vernova is a significant stride toward fulfilling our mandate of promoting sustainable development and climate action. By combining our strengths, we are uniquely positioned to advance the Sustainable Development Goals and support our member states in meeting their commitments under the Paris Agreement. This partnership reflects our dedication to fostering economic growth while adhering to the principles of Shariah and upholding the highest environmental and social standards.”

ICIEC and GE Vernova share a mutual aspiration of empowering economies and improving the quality of life through sustainable energy solutions, the release said.