INTER-ARAB INVESTMENT GUARANTEE CORPORATION (IAIGC)
The Arab Organization Building Postal Add: P.O. Box 23568 Al Matar Road Al-Safat 13096 Jamal Abdelnasser St. Telephone: 484-4500 Al-Shuwaikh Facsimile: 481-5741 Kuwait Telex: 22562 KAFEEL KT Cable: KAFEEL KT E-Mail: firstname.lastname@example.org Internet: www.iaigc.org Director-General: ... Fahad Rashid AL-IBRAHIM Board of Directors Chairman: ... Badr Suleiman ALGAR ALLA Members: ... Ahmad HASSAN MUSTAFA ... Jasim Rashid AL SHAMSI ... Nassir Ben Mohamad AL GAHTANI ... Mansour Ibrahim AL MAHMOUD ... Ali Ramadhan SHINAIBISH ... Ahmad AL SA'EED SHARAF ALDIN ... Abdel Fatah BENMANSOUR Department Directors Legal Department: ... El Fadil Nayil HASSAN Guarantee Operations Dept.: ... Khogali ABUBAKR Planning & Corporate Development Department: ... (vacant)
LANGUAGES: Arabic is the working language; English and French employed when necessary
ESTABLISHMENT AND FUNCTIONS
The Inter-Arab Investment Guarantee Corporation (IAIGC) is an autonomous regional organization with authorized capital of KD26,101,667 (approximately US$87.03 million) and paid-up capital, at the end of 2002, of KD24,751,667 (approximately US$82.53 million). The Convention establishing IAIGC was declared to have come into force as of April 1974.
The Corporation provides insurance coverage for inter-Arab investments and for export credits against non-commercial risks in the case of investments, and non-commercial and commercial risks in the case of export credits. The non-commercial risks include nationalization, currency inconvertibility, war, civil disturbances, cancellation of the import license and prevention of the entry of goods or their transit passage into the country. The commercial risks include insolvency of the debtor, bankruptcy, as well as default and abrogation or termination of the export contract.
The Corporation also undertakes the promotion of the flow of investments within the Arab countries by carrying out activities which are ancillary to its main purpose and in particular those relating to the identification of investment opportunities as well as the study of the conditions that govern the flow of investments in the said countries.
21 member countries: Algeria, Bahrain, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Somalia, Sudan, Syrian Arab Republic, Tunisia, United Arab Emirates, Republic of Yemen
The Subscribers' Council is the highest authority in the Corporation. It is entrusted with all the powers necessary for the realization of the objectives of the Corporation. Among its functions are the formulation of general policies, the adoption of the financial and administrative rules and regulations, deciding upon the financial and administrative matters, appointment of members of the Board of Directors and the Director General. The Council is composed of one representative for each member state.
The Board of Directors consists of eight part time members elected by the Subscribers' Council for a three-years term. The Board shall elect its Chairman from among its members. It shall, in administering the Corporation, exercise the powers delegated to it by the Council. These comprise preparation of the financial and administrative rules, approval of the operations and research programs presented by the Director General of the Corporation and overseeing their execution, determination of how the Corporation's resources are to be invested, adoption of its annual financial program, and presentation to the Council of an annual report on the activity of the Corporation.
Annual Report; Investment Climate in the Arab Countries (annual); Investment Guarantee (monthly bulletin); Capsule Series. All publications are in Arabic except the Annual Report, which is issued in both Arabic and English.
UPDATED: May 19, 2003