April 2009 The Islamic Corporation for the Insurance of Investments & Export Credit (ICIEC) Islamic Corporation for the Insurance of Investments & Export Credit (ICIEC) , a member of the Islamic Development Bank (IDB) Islamic Development Bank (IDB) Group, today issued a USD 75 million Insurance Policy to El-Sewedy Cables El-Sewedy Cables Co. of Egypt. The policy signing ceremony was conducted at IDB IDB Headquarters in Jeddah, in the presence of the President of the IDB IDB Group and a number of dignitaries including Mr. Ahmed El-Sewedy, the CEO of El-Sewedy Cables El-Sewedy Cables . The policy will cover exports of electricity transmission line equipment from Egypt to Ethiopia. Repayments are scheduled to take place over a period of 7 years. The policy covers El-Sewedy Cables El-Sewedy Cables against the risks of nonp-ayment by the buyer (Ethiopian Electric Power Corporation), for both commercial and non-commercial reasons. ICIEC ICIEC 's involvement in such projects allows exporters from member countries to offer attractive credit terms to their buyers world-wide and at the same time obtain finance from banks against the security of the insurance policy. Based in Egypt, El-Sewedy Cables El-Sewedy Cables is one of the largest integrated cable & electrical accessory manufacturers in the Middle-East, with multiple manufacturing locations. ICIEC ICIEC is a multilateral export credit insurer based in the Kingdom of Saudi Arabia, and offers a full range of export credit and investment insurance services to its clients. www.iciec.com -Ends- © Press Release 2009 omar 1.1:zy
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