Togo embraces ICIEC for the Insurance of Investment and Export Credit

Togo recently greenlit the creation of ICIEC, the Islamic Corporation for the Insurance of  Investment and Export Credit , on March 4th, marking a significant step in bolstering its economic prospects. Despite not being a signatory to the Organization of Islamic Cooperation (OIC), Togo’s membership in the Islamic Development Bank (IDB) has already proven fruitful in accessing financing.

Now, by joining ICIEC, Togo aims to fortify its private sector, which is poised to lead the charge in strategic investments outlined in the national development roadmap.

ICIEC’s entry into Togo’s economic landscape promises to make the country more appealing to domestic and international investors alike.

The provision of insurance policies through ICIEC will offer a safety net for invested capital, enhancing confidence in the market and encouraging further investment.

Moreover, this move aligns seamlessly with Togo’s legislative efforts, particularly the 2014 law aimed at modernizing public-private partnerships for economic growth.

In embracing ICIEC, Togo is not only tapping into a network of economic cooperation among OIC member states but also signaling its commitment to fostering a conducive environment for trade and investment.

Minister Kayi Mivedor-Sambiani emphasized ICIEC’s role in facilitating commercial transactions, mitigating political risks, and enhancing credit opportunities.

This strategic alignment with ICIEC underscores Togo’s ambition to position itself as a hub of opportunities and a magnet for investors in the coming years.

ICIEC, affiliated with the Islamic Development Bank (IDB) group, specializes in promoting seamless trade within OIC member states.

By streamlining foreign direct investments and bolstering economic activities, ICIEC’s presence in Togo promises to contribute significantly to the country’s socio-economic development trajectory.

Kodjovi Makafui