Latest news with #ICIEC
Zawya
12-06-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)-Supported Nakkaş-Başakşehir Motorway Wins TXF Social Infrastructure Deal of the Year 2024
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is proud to announce that the Nakkaş-Başakşehir Motorway Project in Türkiye has been named TXF's Social Infrastructure Deal of the Year 2024, awarded during the TXF Global Awards Ceremony held on 11 June 2025. This landmark project involves EUR 1.044 billion in non-recourse financing for the development of a 35-kilometer greenfield motorway in Istanbul Province—the final section of the Northern Marmara Motorway, a 450-kilometer corridor connecting Türkiye's Asian and European regions. The public-private partnership is expected to significantly reduce traffic congestion, improve trade logistics, and cut commute times by up to 40 minutes. The project aligns with multiple UN Sustainable Development Goals (SDGs), notably SDG 8 (Decent Work), SDG 9 (Infrastructure), SDG 11 (Sustainable Cities), and SDG 17 (Partnerships), by creating jobs, modernizing transport infrastructure, and fostering international cooperation. ICIEC played a pivotal role in the financial close by offering a comprehensive risk mitigation solution, including a EUR 74 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to Standard Chartered and Deutsche Bank, and Equity Investment Insurance to Korean investors. 'This award reflects the strength of our partnership with the Government of Türkiye, our member institutions, and the private sector,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'We are particularly proud to have supported this project alongside other Export Credit Agencies and Multilateral Development Banks—most notably our parent institution, the Islamic Development Bank, and our sister entity, the Islamic Corporation for the Development of the Private Sector. Together, we leveraged synergies to mobilize Islamic finance and de-risk strategic infrastructure. Congratulations to all parties involved in delivering a project with lasting developmental impact.' This transaction exemplifies ICIEC's mission to provide innovative risk mitigation solutions that enable impactful trade and infrastructure investment across its 50 member states. Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Media Contact: Email: ICIEC-Communication@ About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17 th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information: visit:
Zawya
12-06-2025
- Business
- Zawya
ICIEC-Supported Nakkaş-Başakşehir Motorway wins TXF Social Infrastructure Deal of the Year 2024
Copenhagen, Denmark – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is proud to announce that the Nakkaş-Başakşehir Motorway Project in Türkiye has been named TXF's Social Infrastructure Deal of the Year 2024, awarded during the TXF Global Awards Ceremony held on 11 June 2025. This landmark project involves EUR 1.044 billion in non-recourse financing for the development of a 35-kilometer greenfield motorway in Istanbul Province—the final section of the Northern Marmara Motorway, a 450-kilometer corridor connecting Türkiye's Asian and European regions. The public-private partnership is expected to significantly reduce traffic congestion, improve trade logistics, and cut commute times by up to 40 minutes. The project aligns with multiple UN Sustainable Development Goals (SDGs), notably SDG 8 (Decent Work), SDG 9 (Infrastructure), SDG 11 (Sustainable Cities), and SDG 17 (Partnerships), by creating jobs, modernizing transport infrastructure, and fostering international cooperation. ICIEC played a pivotal role in the financial close by offering a comprehensive risk mitigation solution, including a EUR 74 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to Standard Chartered and Deutsche Bank, and Equity Investment Insurance to Korean investors. 'This award reflects the strength of our partnership with the Government of Türkiye, our member institutions, and the private sector,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'We are particularly proud to have supported this project alongside other Export Credit Agencies and Multilateral Development Banks—most notably our parent institution, the Islamic Development Bank, and our sister entity, the Islamic Corporation for the Development of the Private Sector. Together, we leveraged synergies to mobilize Islamic finance and de-risk strategic infrastructure. Congratulations to all parties involved in delivering a project with lasting developmental impact.' This transaction exemplifies ICIEC's mission to provide innovative risk mitigation solutions that enable impactful trade and infrastructure investment across its 50 member states. About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
Zawya
27-05-2025
- Business
- Zawya
ICIEC pledges to support Nigeria's economic agenda
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has pledged to support Nigeria's economic agenda by de-risking major infrastructure investments and unlocking financing for private sector-led development. The Director of Legal Affairs of ICIEC, Mr Hassan Idris, reaffirmed ICIEC's commitment to supporting Nigeria's economic agenda, when he led a high-level delegation from the Corporation to visit the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday in his office in Abuja. Idriss highlighted ICIEC's readiness to provide credit and political risk guarantees that can catalyse both domestic and international capital flows into projects that drive growth and job creation. Earlier, Edun explained the Federal Government's economic blueprint as part of efforts to deepen financial collaboration and accelerate the delivery of priority infrastructure across the country. The Minister emphasised the importance of leveraging risk mitigation tools to crowd in private investment, particularly in sectors such as energy, transportation, and housing. Mr. Edun said, 'We appreciate ICIEC's continued support for initiatives that directly improve productivity and livelihoods. By backing commercially viable, socially impactful infrastructure, ICIEC is helping Nigeria build a more inclusive economy, one where the private sector is empowered to create jobs and drive innovation'. Mohammed Manga, Director, Information and Public Relations, said the visit marks a renewed commitment to aligning financial instruments with President Bola Ahmed Tinubu's infrastructure priorities and signals stronger cooperation in mobilising resources that deliver real, measurable benefits to the Nigerian people.
Zawya
26-05-2025
- Business
- Zawya
ICIEC secures 9 strategic deals and agreements worth more than $700mln to spur development across its member states
Concluded under the Annual Meeting theme 'Diversifying Economies, Enriching Lives,' the signings reinforce ICIEC's role as a catalyst for trade and investment across its 50 Member States ALGIERS, Algeria, -- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, closed the IsDB Group Annual Meetings in Algiers (19‑22 May 2025) on a high note, finalising 9 agreements and Memoranda of Understanding (MoU) valued at more than USD 700 million. Concluded under the Annual Meeting theme 'Diversifying Economies, Enriching Lives,' the signings reinforce ICIEC's role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation's mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions. Highlights include an inward quota‑share treaty with Algeria's CAGEX that supports Algerian exports; partnership frameworks with Nigeria's NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d'Ivoire's landmark Tour F government complex, Türkiye 's Nakkaş‑Başakşehir Motorway, financing to Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman's expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million. Held within the 13th Private Sector Forum, ICIEC's High‑Level Panel Discussion—'Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment' convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states. Dr. Khalid Khalafalla, CEO of ICIEC, said: 'These agreements epitomise ICIEC's mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC's cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World's only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an "Aa3" insurance financial strength credit rating (IFSR) from Moody's, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time 'AA-' long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC's resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture. For more information: visit: SOURCE Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
Zawya
26-05-2025
- Business
- Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Secures 9 Strategic Deals and Agreements worth more than USD 700 Million to Spur Development across its Member States at the 2025 Islamic Development Bank (IsDB) Group Annual Meetings
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, closed the IsDB Group Annual Meetings in Algiers (19‑22 May 2025) on a high note, finalising 9 agreements and Memoranda of Understanding (MoU) valued at more than USD 700 million. Concluded under the Annual Meeting theme ' Diversifying Economies, Enriching Lives,' the signings reinforce ICIEC's role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation's mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions. Highlights include an inward quota‑share treaty with Algeria's CAGEX that supports Algerian exports; partnership frameworks with Nigeria's NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d'Ivoire's landmark Tour F government complex, Türkiye 's Nakkaş‑Başakşehir Motorway, financing to Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman's expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million. Held within the 13th Private Sector Forum, ICIEC's High‑Level Panel Discussion —'Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment ' convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states. Dr. Khalid Khalafalla, CEO of ICIEC, said: ' These agreements epitomise ICIEC's mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC's cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.' Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Contact: Email: ICIEC-Communication@ Follow us on: X: Facebook: LinkedIn: YouTube: Instagram: About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 with a mission to strengthen economic relations between OIC Member States and promote intra-OIC trade and investment through credit and investment insurance. The Corporation is the World's only Islamic multilateral insurer in the world and has been at the forefront of delivering a comprehensive suite of risk mitigation tools to support cross-border trade and investments for its 50 Member States. For the 17th consecutive year, ICIEC maintained an "Aa3" insurance financial strength credit rating (IFSR) from Moody's, positioning the Corporation among the leaders in the Credit and Political Risk Insurance (CPRI) Industry. In addition, ICIEC was assigned a first-time 'AA-' long-term Issuer Credit Rating with a Stable Outlook by S&P. ICIEC's resilience is anchored in its prudent underwriting practices, robust reinsurance arrangements, and sound risk management framework. Since inception, ICIEC has cumulatively insured over USD 121 billion in trade and investment, supporting key sectors such as energy, manufacturing, infrastructure, healthcare, and agriculture. For more information: visit:
