Azerbaijan has been accepted as the 49th member state of the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, Trend reports with reference to the ICIEC.

ICIEC was established in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. ICIEC's presence as an investment partner provides a measure of reassurance and encouragement to other potential investors seeking opportunities in Azerbaijan.

"Azerbaijan's membership opens the door for its private and public sectors to benefit from risk mitigation and credit enhancement solutions offered by ICIEC to expand their exports and promote foreign direct investment inflow. Similarly, it allows exporters, banks and investors from other member and non-member states, to cover political and commercial risks related to their operations in Azerbaijan", commented Oussama Kaissi, CEO of ICIEC.