The meeting, held under the chairmanship of Ahmed Mohammed Ali, gave approval to increase the ICIEC capital resources from ID150 million ($240 million) to ID400 million ($640 million), which will be finally adopted subject to the approval of the forthcoming ICIEC’s board of governors meeting scheduled to be held in Sanaa on June 30. The board also recommended allowing financial institutions and business enterprises in member countries to participate in the capital of the corporation through a special class of shares.

ICIEC CEO Abdel-Rahman El-Tayeb Taha said: “The board of directors’ approval to increase the capital resources of ICIEC will significantly enhance the insurance capacity of the corporation and enable it to meet the huge demand for ICIEC’s credit and country risk insurance services from exporters and investors in member countries.

The board also considered the preliminary operation results for 2010. The report showed a remarkable increase of 91 percent in the business insured, which reached $1.97 billion and a large increase of 52 percent in new insurance commitments that grew to $3.25 billion, and there was no claim paid during the year. The board commended the management on the excellent operations results.