ICIEC Signs USD 700 Million in Strategic Deals at IsDB Annual Meetings.

Tuesday 27th May 2025

非洲记者报道

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, wrapped up the 2025 IsDB Group Annual Meetings in Algiers with the signing of nine agreements and memoranda of understanding worth over USD 700 million. These agreements underscore ICIEC’s vital role in promoting trade, investment, and sustainable development across its 50 member states.

The signings took place under the overarching theme of this year’s meetings, “Diversifying Economies, Enriching Lives.” ICIEC’s agreements span critical sectors including food-security supply chains, trade finance, energy, transport, infrastructure, and investment promotion. Through these deals, the Corporation continues to expand its support for de-risking development projects by offering Shariah-compliant insurance and reinsurance services.

Among the key highlights was a quota-share reinsurance treaty signed with Algeria’s CAGEX to boost the country’s exports, as well as new partnership frameworks with Nigeria’s NEXIM Bank. ICIEC also signed Non-Honouring of Financial Obligations (NHFO) policies worth over EUR 518 million in support of structured financings arranged by Standard Chartered. These policies will support landmark developments such as the Tour F government complex in Côte d’Ivoire and Türkiye’s Nakkaş‑Başakşehir Motorway. Financing was also extended to the Eastern and Southern Africa Trade and Development Bank (TDB) to back projects in shared member states.

Additional signings included a USD 40 million insurance policy for dredging work at Oman’s expanding Sohar Port. In Egypt, ICIEC provided two insurance policies to Al Baraka Bank Egypt to support both funded and unfunded trade finance transactions totaling USD 100 million.

Held during the 13th Private Sector Forum, ICIEC hosted a high-level panel discussion titled “Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk-Mitigation Tools in Promoting Trade and Investment.” Attended by roughly 300 participants, including senior Algerian officials, global executives, investors, and representatives of trade-promotion agencies and development finance institutions, the session explored Algeria’s strategic role as a bridge between Africa and the Arab world. It also showcased how Shariah-compliant risk-management tools can facilitate cross-border capital flows and support sustainable development.

Commenting on the outcomes, Dr. Khalid Khalafalla, CEO of ICIEC, emphasized the impact of the agreements, saying they embody the Corporation’s mission to turn risk into opportunity. “By providing more than USD 700 million in Shariah-compliant insurance and forging new partnerships with export-credit agencies, we are reinforcing our development impact, which has already surpassed USD 121 billion in insured trade and investment. These efforts are directly aligned with the Sustainable Development Goals and help our member states diversify their economies and secure long-term resilience in vital sectors like food and energy.”