Islamic development bank, Credendo agree on scheme for larger trade transactions

ALGIERS, May 20 (KUNA) -- An affiliate of the Islamic development bank (IsDB) and European credit insurance group Credendo signed a deal on Tuesday aiming to develop a new plan to enlarge trade transactions in Islamic states.
The memorandum of understanding (MoU) between The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Credendo forms a "framework to enhance cooperation" in credit insurance and reinsurance by developing new risk-sharing schemes for bigger trade transactions for multinational corporations, according to an ICIEC statement.
The MoU also entails a joint working group to safeguard the "confidentiality and safety" of these trade transactions, added the statement, underlining that ICIEC stands to gain from the experience of the European credit insurance group on the matter. (end) mr.nam