Improving the Role of Eximbanks/ECAs in the OIC Member States
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Description:
Initially established as National Insurance Company in 1994, Uzbekinvest was restructured and
renamed National Export-Import Insurance Company In 1997. Owned jointly by the Ministry of
Finance (83%) and National Bank for Foreign Economic Activity (17%), it is a government entity
and has an authorized capital of USD 60 million.
The mission of the company is to contribute to development of insurance in Uzbekistan through
creation and implementation of effective and workable insurance protection, and positioning the
company as reliable insurer. Its objectives in meeting this mission include: protection for
economic interests of the national exporters abroad against political, commercial and
entrepreneurial risks preventing foreign partners from realization of taken obligations;
providing insurance guarantees to commercial banks which finance the exportof technologies,
goods and services in accordance with international principles of export credit insurance;
providing marketing analysis for trade promotion of technology, goods and services in
international markets, as well as providing comprehensive insurance protection for property
and individual interests of foreign investors investing into economy of the Republic of
Uzbekistan
Uzbekinvest offers a variety of insurance products aimed at exports and investments, as well as
providing a wide range of general insurance products across in 17 insurance classes.
Since 2009, the company has received a Moody’s rating of B1.
Through its 100%-owned subsidiary, Uzbekinvest International Insurance Company Limited
(UIIC), it offers political risk insurance to encourage new foreign investment in infrastructure,
natural resource development and industrial production into Uzbekistan. It provides insurance
for foreign investments against political risks in Uzbekistan. All business insured by UIIC is
accepted on its behalf by an underwriting agency – AIG Uzbekinvest Limited, established for this
purpose, which is a member company of AIG.
Uzbekinvest is a member of the Prague Club. It also works closely with Exim banks such as the
Export-Import Bank of Romania as well as partners including AIG, which provides it with
underwriting and other insurance expertise as well as Korea Trade Insurance Corporate K-Sure.
Analysis:
Uzbekinvest has a very different mandate to other ECAs, as its focus is general insurance. Via its
subsidiary, UIIC, it promotes inward investment into Uzbekistan, by providing political risk
coverage against specific risks, over which its government owner has certain control. It also
offers a broad range of general insurance cover.
3.6 Multilateral ECAs serving OIC Member Countries
In addition to the national ECAs, within the OIC region there are two multilateral ECAs which
serve member countries.
3.6.1 Islamic Cooperation for the Insurance of Investment and Export Credit