Islamabad, August 31, 2023 (PPI-OT): A Partnership Beyond Trade. A pivotal collaboration between The Islamic Corporation for the Insurance of Investment and Export Credit (a Subsidiary of Islamic Development Bank) and Saudi Pak Industrial and Agricultural Investment Company Ltd. In a significant move to enhance collaboration and boost trade and investment, Saudi Pak Industrial and Agricultural Investment Company Limited (SAPICO) and The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) have announced the signing of a Memorandum of Understanding (MoU) for cooperation.
Mr. Rizwan Ahmed Sheikh, CEO of SAPICO, and Mr. Oussama Kaissi, CEO of ICIEC and have signed the agreement. This sets the foundation for a strategic partnership aimed at facilitating trade and investment initiatives within the SAPICO joint venture.
The agreement outlines various collaborative areas, including regular exchange of important information, efforts to improve trade and investment promotion. Additionally, the agreement highlights a commitment to strengthening food security, expanding intervention scope, and providing support for investments in climate-resilient, renewable energy infrastructure in the Country.
Mr. Rizwan Ahmed Sheikh, CEO of SAPICO, commented:” Saudi Pak Industrial and Agricultural Investment Company’s (SAPICO) partnership with #ICIEC is not just two institutions engagement only, it’s a land mark arrangement to foster intra #trade and #investments between two brotherly nations (i.e. Saudia and Pakistan) under the patronage of Islamic Development Bank’s (#IsDB) flagship entity.
This pivotal collaboration will pave way to promote responsible finance in the area of #foodsecurity, #climateresilience, #renewableenergy, #informationtechnology and #greenpakistan.
SAPICO and ICIEC partnership will stimulate innovative #trade finance solutions for #exporters of Pakistan, provide much needed #protection to international investments and #empower businesses to embark into import substitution and export oriented projects.
SAPICO and ICIEC will scale up the provisions of #sustainabledevelopment and #prosperity in the country. It is truly a shared vision and commitment to bring significant #transformation to the economy”.
For more information, contact:
Saudi Pak Industrial and Agricultural Investment Company Limited
Saudi Pak Tower, 61 A, Jinnah Avenue,
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