ICIEC Insurance Cover Unlocks EUR250mln for African Development
Deal News | May 23, 2025 | Zawya
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), in collaboration with Standard Chartered and DZ Bank, has launched a EUR250 million financing package aimed at advancing infrastructure, energy, and trade finance initiatives across six African nations: Mozambique, Uganda, Comoros, Djibouti, Egypt, and Senegal. The signing of a Non-Honouring of Financial Obligations for Multilateral Development Banks (NHFOMDB) policy marks a pivotal step in leveraging Islamic finance for sustainable economic growth in these regions. This agreement, designed to mitigate risks through ICIEC's insurance model, reflects the organization's commitment to driving impactful projects and fostering economic resilience within its member countries. ICIEC has consistently led in providing risk mitigation and financial solutions to OIC Member States, supported by strong credit ratings from Moody's and S&P.
Sectors
- Financial Services
- Infrastructure
- Energy
- Trade Finance
Geography
- Africa – The primary focus of the financial package is on six African countries.
- Algeria – The agreement was signed during the IsDB Group Annual Meetings held in Algiers, Algeria.
Industry
- Financial Services – Involves institutions like ICIEC and Standard Chartered providing insurance and financing services.
- Infrastructure – The article discusses funding aimed at developing infrastructure projects across several African nations.
- Energy – Energy projects are part of the initiatives supported by the EUR250 million package.
- Trade Finance – Financing is meant to support trade finance initiatives, a key component of the development plan.
Financials
- EUR250 million – Total financing package arranged for infrastructure, energy, and trade projects in Africa.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) | Multilateral Insurer | Company | ICIEC provides insurance and risk mitigation, facilitating the EUR250 million package. |
| Standard Chartered | Financing Arranger | Company | Arranged the financing package and collaborated in the risk mitigation strategy. |
| DZ Bank | Financing Partner | Company | Part of the consortium providing financing for the projects. |
| Eastern and Southern African Trade and Development Bank (TDB) | Borrower | Company | Recipient of the funds for development projects in six African countries. |
| Dr. Khalid Khalafalla | CEO | Person | Chief Executive Officer of ICIEC, overseeing the partnership and strategy. |
| Sujithav Sarangi | Executive Director | Person | Executive Director at Standard Chartered, involved in the project's development. |