In a landmark move, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a leading multilateral insurer within the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding (MoU) with Huawei Technologies Co., Ltd. The signing ceremony took place during the IsDB Group Annual Meeting 2024 in Riyadh, Saudi Arabia, attended by key executives from both organizations.

Under the MoU, ICIEC and Huawei aim to strengthen telecommunications infrastructure across ICIEC member states. This strategic partnership underscores their commitment to advancing connectivity and technological innovation in the region. Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Silas Zhang, President of Financing Operation at Huawei Technologies, formalized the agreement, highlighting the shared vision of empowering member states through enhanced telecommunications capabilities.

The collaboration entails ICIEC providing insurance solutions to support Huawei's provision of advanced telecom network equipment and training to key telecom operators within ICIEC member states. Noteworthy examples of ICIEC's previous facilitation include supplying critical telecom equipment to significant operators such as Indosat in Indonesia and Uzbektelecom in Uzbekistan. Through this partnership, both organizations seek to improve connectivity and access to cutting-edge telecommunications technology, fostering economic growth and development in member states.

Mr. Oussama Kaissi emphasized the significance of the partnership, stating, "This MoU with Huawei represents a significant roadmap towards supporting the strengthening of critical telecommunications infrastructures in our member states. By combining Huawei’s technological expertise with ICIEC’s robust insurance solutions, we are setting the stage for transformative growth in the telecommunications sector." He further highlighted that the collaboration is not merely a partnership but a pathway to greater connectivity and innovation, enabling member states to harness the full potential of advanced telecommunications technology.

The MoU between ICIEC and Huawei signifies a strategic alignment of objectives aimed at promoting socio-economic development and digital transformation within ICIEC member states. With a focus on enhancing telecommunications infrastructure, the partnership is poised to drive inclusive growth, facilitate greater connectivity, and foster innovation across the region.