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Islamic Corporation for the Insurance of Investment and Export Credit Signs MOU with Islamic Organisation for Food Security

Strategic Insights

— 1 min read

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Islamic Organisation for Food Security (IOFS) have signed a memorandum of understanding to collaborate on promoting food security, sustainable agriculture, and rural development. The MOU was signed during the 46th Annual Meetings of the IsDB Group in Tashkent, Uzbekistan. ICIEC will use its expertise in trade facilitation and risk management, as well as its vast private sector network, to support IOFS in its mandate to formulate a food security strategy for its 57 member countries.

Key Takeaways:

  • ICIEC has supported over US$1.4 billion in trade and investment in the agricultural sector since its inception in support of the UN SDG 2 (Zero Hunger).
  • The MOU aims to promote investment in agribusiness and food security, as well as food safety and Halal products to boost intra-OIC food trade in the private sector.
  • The collaboration between ICIEC and IOFS will focus on 'South-South/Triangular Cooperation' and boosting the involvement of SMEs in agri/food business.
  • The Covid-19 pandemic has highlighted supply chain disruption in vital supplies, including food and medicines, and has worsened world hunger, with an estimated tenth of the global population (up to 811 million people) undernourished.
  • Asia, Africa, and Latin America, where most of ICIEC membership is located, are the most affected by hunger and food insecurity.

Statistics:

  • US$1.4 billion in trade and investment in the agricultural sector supported by ICIEC since its inception.
  • 811 million people estimated to be undernourished globally.
  • 57 member countries of the Organisation of Islamic Cooperation (OIC) will benefit from the food security strategy formulated by IOFS.
  • 2030 - the target year to achieve SDG 2 (Zero Hunger).

Sources:

  • "Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Issues News Release" [Date Not Provided]. Contify.com. http://contify.com/News-Release/islamic-corporation-for-the-insurance-of-investment-and-export-credit-issues-news-release/1746881.

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