Arab Investment Guarantee records $530 million earnings in 2001
The Kuwaiti-based Inter Arab Investment Guarantee Corporation (IAIGC) won 66 insurance contracts in 2001, earning the corporation 163 million Kuwaiti Dinars ($530 million). This figure translates into a 58 percent rise in revenues compares to 2000, reported the official KUNA news agency. The company earned KD 42 million in investment insurance contracts and KD 121 million in export insurance contracts in 2001.
IAIGC is a multilateral regional organization with its membership comprising twenty-one Arab countries. Established in 1975 with the objective of promoting inter-Arab investments and trade, the corporation’s paid up capital reached approximately $81 million in 1999 and its total reserves stood at $171 million.
IAIGC aims to provide coverage of inter-Arab investments and export credits against non-commercial risks for the former and non-commercial and commercial risks for the latter, and to foster inter investment flows through awareness of potential investors of investment opportunities, provision of institutional support, and development of human capital. — (menareport.com)
© 2002 Mena Report (www.menareport.com)