ICIEC has devised an innovative insurance program funded by a grant from the Islamic Solidarity Fund for Development (ISFD) through which ICIEC provides subsidy on premium for the insurance cover extended to support the import of medical supplies or equipment, essential food supplies and agri-commodities by eligible member countries including Bangladesh. This program called ICERI (ICIEC-ISFD COVID-19 Emergency Response Initiative) aims to leverage its fund in supporting up to USD 400 million of import of eligible goods at a subsidized financing and other costs i.e. LC confirmation for member countries.
ICIEC has already supported import of USD 19 million of wheat through its insurance cover under ICERI program to contribute in achieving food security for Bangladesh in line with SDG 2. The beneficiaries involved in the first ever transactions for Bangladesh through this program are the State Bank of India as the confirming and financing bank, the City Bank Limited as the LC issuing bank and one of the subsidiaries of Nabil Group as the importer. ICIEC believes the ICERI program will unlock liquidity to finance the import of eligible goods on favorable terms which shall aid our member countries in recovering from the ongoing repercussions of COVID-19.
Innovative insurance program by ICIEC
25 January 2021