Togo joins Islamic Corporation for the Insurance of Investment and Export Credit, ICIEC

Finance
Friday, 05 April 2024 16:10
Togo joins Islamic Corporation for the Insurance of Investment and Export Credit, ICIEC

(Togo First) - Togo has joined the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The country’s parliament passed on April 4 a law approving its adhesion to the Corporation. 

Joining the ICIEC allows Togo’s businesspeople to secure export loans for goods produced locally. Commenting on the development, Rose Mivedor, the Minister of Trade and Local Consumption, claimed the adhesion is  “a true response to the economic and social needs and private sector financing” in line with Togo's 2025 government roadmap. The adhesion should help finance strategic and structuring projects with more ease.

Established on August 1, 1994, the ICIEC is a member of the Islamic Development Bank (IsDB) group. It helps cover the capital needs of the member States of the Organization of Islamic Cooperation (OIC), fostering the inflow of foreign direct investments into these countries. 

Esaïe Edoh

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