ICIEC Insurance Cover Unlocks EUR250 Million for Infrastructure and Trade Growth in Six African Member States

ICIEC signed a Non‑Honouring of Financial Obligations for Multilateral Development Banks (NHFO‑MDB) policy to secure a EUR 250 million financing package arranged by Standard Chartered Bank.

The agreement, concluded on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers in May 2025, was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Sujithav Sarangi, Executive Director, Development and Agency Finance at Standard Chartered Bank.

ICIEC’s NHFO‑MDB policy insures the financing provided by Standard Chartered Bank (Hong Kong), Standard Chartered (Kenya) and DZ Bank to the Eastern and Southern African Trade and Development Bank (TDB). The funds will support an eligible portfolio of infrastructure, energy and trade‑finance initiatives in six common member states of ICIEC and TDB – Mozambique, Uganda, Comoros, Djibouti, Egypt and Senegal – by providing credit enhancement to the lenders and thereby unlocking critical capital for high‑impact projects.

Dr. Khalid Khalafalla commented: “By providing ICIEC’s NHFO-MDB insurance cover to this landmark facility, we are doing more than mitigating risk—we are fast‑tracking development. Such a facility empowers TDB to accelerate infrastructure, energy and trade projects that will light homes, connect markets and create dignified jobs across six of our common member states. It is a clear demonstration of how Islamic finance can mobilize private resources for inclusive, sustainable growth.”

Sujithav Sarangi, Executive Director, Development and Agency Finance, Standard Chartered added: “We are proud to partner with ICIEC on yet another impactful project. The success of this project is rooted in the significant, and tangible, benefits this development will bring. Our enduring partnership with ICIEC exemplifies our shared mission to drive meaningful impact in the communities and markets we support.”

The transaction underscores ICIEC’s commitment to deploy innovative risk‑mitigation solutions that advance the IsDB Group’s objective of fostering inclusive, resilient, and sustainable development across its Member States.