Muscat: An agreement to insure foreign investments was signed yesterday.
The agreement for the insurance of foreign investment in the Sultanate was signed by the Export Credit Guarantee Agency of Oman (ECGA) and Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) at the Agency’s premises.
The agreement aims at guaranteeing foreign investments, which will help in attracting foreign investors and investments to the Sultanate.
The agreement was signed by Dr. Khalid bin Said Al Amri, Acting CEO of ECGA and Osama Abdul Rahman Al-Qaisi, CEO of ICIEC.
Said bin Saleh al-Kiyoumi, Chairman of Oman Chamber of Commerce and Industry (OCCI), Chairman of EGGA said that the pact aims at encouraging foreign investors to invest in the Sultanate by providing them with credit guarantee on their investments.
This will enhance the Sultanate’s ability to attract foreign investment and maximise the benefit from its unique geographic locations.
He also pointed out that ECGA provides full support to the Omani exporters and policy holders if the buyer fails to honour his commitments. It also provides services to exporters, such as insuring local credit, export credit and other services that enhance industrial activity and help exporters to compete at the foreign market.
ICIEC was established to provide investment and export credit insurance for Islamic countries originated from the Agreement for the Promotion, Protection and Guarantee of Investment among Member Countries of the Organization of the Islamic Cooperation (OIC).