Pakistan and ICIEC Agree to further strengthen cooperation in Export Credit, Investment Insurance and Risk Mitigation

Islamabad, 31 August 2026: Mr. Muhammad Humair Karim Kidwai, Secretary, Economic Affairs Division (EAD), held a meeting today with Dr. Khalid Khalafalla, Chief Executive Officer of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), to discuss measures to further strengthen Pakistan–ICIEC cooperation under the Pakistan - IsDB Group Member Country Partnership Strategy (MCPS) 2026–2030.

The Secretary acknowledged ICIEC’s important strategic role within the Islamic Development Bank (IsDB) Group and reaffirmed Pakistan’s commitment to building a stronger, results-oriented partnership with the Corporation. He emphasized that cooperation under the MCPS should translate into measurable outcomes in key areas, including export growth, investment mobilization, private-sector development and promoting youth employment through SME development.

Highlighting Pakistan’s improving macroeconomic outlook and enhanced credit rating, the Secretary invited ICIEC to further expand the deployment of its insurance, reinsurance, and credit-enhancement instruments to facilitate the mobilization of private investment. Priority areas discussed included export-oriented industries, strategic infrastructure, renewable energy, food security and other sectors of national importance, in line with URAAN Pakistan’s 5Es framework, Exports, E-Pakistan, Environment, Energy & Infrastructure, and Equity & Empowerment.

Dr. Khalid Khalafalla briefed the meeting on ICIEC’s Shariah-compliant insurance, reinsurance and risk-mitigation solutions and highlighted their potential application in Pakistan. The two sides discussed the development of a robust pipeline of bankable initiatives covering exports, investment and private-sector transactions, to be assessed on a case-by-case basis in accordance with ICIEC’s policies and procedures. The support areas as renewable energy, climate finance, agriculture, food security, SME sector, private sector development etc. was indicated.  

Both sides agreed to promote a coordinated “One IsDB Group” approach involving the IsDB, ICIEC, the International Islamic Trade Finance Corporation (ITFC) and the Islamic Corporation for the Development of the Private Sector (ICD). They also underscored the importance of strengthening institutional capacity, improving access to export-credit protection for SMEs, and establishing regular coordination mechanisms to monitor measurable outcomes under the MCPS and address implementation bottlenecks.

The engagement was followed by signing ceremony of the ICIEC–EXIM Bank Pakistan Strategic Reinsurance Agreement. The agreement is expected to mark an important step towards strengthening export-credit protection, enhancing the capacity of EXIM Bank Pakistan, supporting Pakistani exporters and advancing the country’s broader trade and investment objectives.

The meeting concluded with a shared commitment to translate the agreed priorities into a credible and implementable pipeline of initiatives capable of delivering tangible and sustainable benefits for Pakistan’s economy.