A reinsurance coverage for the oil & gas project in the country

The insurance subsidiary of the Islamic Development Bank Group, Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC ), has signed to give a reinsurance coverage with the American financing fund Overseas Private Investment Corporation (OPIC).

The contract,concluded for a premium of 80 million USD, will cover Apache Corporation against political risks for a period of 5 years.
Under the supervision of the Egyptian government, Apache Corporation is planning to begin oil and gas exploration in Egypt.