Kazakhstan and ICIEC discussed prospects for expanding cooperation

Jeddah, October 23, 2025 – The Consul General of the Republic of Kazakhstan in Jeddah Ruslan Kospanov paid a visit to the headquarters of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) — a specialized institution of the Islamic Development Bank Group, where he held a meeting with the Corporation’s Chief Executive Officer Dr. Khalid Khalafalla.

During the discussion, the parties addressed issues of strengthening cooperation between Kazakhstan and ICIEC, as well as prospects for the Corporation’s participation in the implementation of investment and export-oriented projects in Kazakhstan. Special attention was given to the potential use of ICIEC’s insurance and guarantee instruments to stimulate trade and attract direct foreign investments into Kazakhstan’s economy.

Dr. Khalid Khalafalla highly praised Kazakhstan's active role within the Islamic Development Bank Group and expressed ICIEC’s readiness to support further development of the partnership aimed at promoting the country’s socio-economic growth. In this context, he noted with satisfaction the effective cooperation between the Corporation and Kazakhstan’s export credit agency  KazakhExport.

Furthermore, the Chief Executive Officer announced plans to visit Kazakhstan on a working trip to conduct substantive consultations with relevant government bodies and financial institutions.

On his part, Consul General Ruslan Kospanov emphasized the importance of cooperation with ICIEC in the context of implementing Kazakhstan’s strategic objectives to diversify the economy and attract investments aligned with sustainable development principles.

At the conclusion of the meeting, both parties expressed their intention to continue focused collaboration on specific areas of mutual interest.

For reference: The Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) is a specialized institution of the Islamic Development Bank Group, established on August 1, 1994, and located in Jeddah, Saudi Arabia. The Corporation holds the status of an international organization with full legal capacity.

The idea of creating an organization to provide insurance for investments and export credits for Islamic countries originated based on the Agreement on the Promotion, Protection, and Guarantee of Investments among the member states of the Organization of Islamic Cooperation (OIC Investment Agreement).