Middle East Economic Survey


No 49



ICIEC Settles $1.5Mn Claim In Favor Of Two Lebanese Banks

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has settled a claim for $1.5mn in favor of two banks in Lebanon, it said 29 November. The two banks had financed an export transaction from Lebanon to an Egyptian buyer that defaulted on its payments. The banks were subsequently designated loss payees as financiers of the transaction. The ICIEC, a...