Outline

ICIEC extended a 10-year Non-Honoring of Financial Obligation by State-owned Enterprises (NHFO-SOE) policy to cover a EUR 125 million financing facility extended by Deutsche Bank and ING Bank, part of a EUR 1 billion syndicated loan to Turk Eximbank. The policy covers 95% of the risk, protecting the banks against financial loss in the event of a default by Turk Eximbank – beyond the first loss portion covered by the International Bank for Reconstruction and Development (IBRD).

Impact and alignment

ICIEC’s involvement supports Turk Eximbank in financing Turkish exporters, attracting international investment and stimulating trade, job creation, and GDP growth. The project aligns with Türkiye’s economic goals, including reducing reliance on oil and gas and enhancing economic resilience through infrastructure investment.

Outline

ICIEC has issued a Bank Master Policy (BMP) to cover non-payment risks for JSCB Microcredit Bank’s non-payment risks. The EUR 50 million financing line, provided by Europe Credit Bank, supports Uzbekistan’s Small-and-Medium-Sized Enterprises (SMEs) Assistance Program. ICIEC’s policy covers 90% of the risk over a three-year period.

Impact and alignment

By supporting the SME sector, ICIEC’s involvement is expected to drive significant economic and social benefits, including job creation, business diversification, and export growth, strengthening Uzbekistan’s foreign exchange earnings. The initiative also aims to reduce income inequality, improve social stability, and provide opportunities for wider groups, aligning with key elements of the United Nations (UN) SDGs.

Outline

ICIEC has issued a first-of-its-kind specific transaction policy (STP) in Azerbaijan to cover non-payment risks related to a USD 12 million equipment supply contract by a major Chinese telecommunications company. This policy supports the Radio Access Network (RAN) Modernization Project for Azerbaijan’s first B2B company in the growing Information and Communication Technology (ICT) and high-tech sectors. It covers 90% of the risk over a period of 3.5 years.

Impact and alignment

The project is a key element in Azerbaijan’s strategy to develop its ICT sector and aligns with its long-term goals of reducing dependence on oil and gas revenue, enhancing resilience to external shocks, and investing in infrastructure. It will help lower energy costs, support Net Zero goals and UN SDGs, including decent work and economic growth, quality education, and climate action.

Outline

ICIEC has issued an insurance policy to Deutsche Bank AG to cover a Non-Honoring of Sovereign Financial Obligations (NHSFO) risk for a EUR 161.4 million financing facility extended to the government of Côte d’Ivoire. The funds will be used for the construction of new hospitals in Kong and Odienne, under the management of the Ministry of Economy and Finance.

Impact and alignment

The arrangement will significantly enhance healthcare infrastructure in Côte d’Ivoire, supporting the construction of critical hospitals and directly improving access to healthcare for local communities. The project aligns with ICIEC’s strategy of enabling the country’s sustainable development by addressing healthcare needs and strengthening social infrastructure.

Pull-out 5

Outline

ICIEC has issued two new insurance policies to Japan’s Sumitomo Mitsui Banking Corporation (SMBC). The first involves a USD 50 million non-payment Insurance-Bank Master Policy (BMP) to support the financing of agricultural commodities exported from Kingdom of Saudi Arabia to various African countries in order to complement the wider cycle of agri-commodities trade between Africa, Kingdom of Saudi Arabia and Asia. The second policy is a USD 25 million BMP related to Sustainability-Linked Financing, aimed at facilitating exports from ICIEC Member States in Africa to the UAE-based ETC Group – further strengthening regional agricultural growth and providing economic added value to farming communities. Both transactions contribute to regional food security and enhance trade with Africa.

Impact and alignment

Both transactions are expected to boost the agricultural sectors in the involved countries and align with ICIEC’s mission of promoting economic integration and regional cooperation through Islamic finance principles. The policies will facilitate trade and support the growth of agricultural exports, contributing to broader economic development.

Outline

ICIEC has issued USD 182 million in insurance coverage for a USD 200 million syndicated Murabaha facility arranged by the International Islamic Trade Finance Corporation (ITFC) with participation of different ICIEC bank clients to support Egypt’s energy sector. The facility finances the purchase of crude oil, petroleum products, and LNG for the Egyptian General Petroleum Corporation (EGPC) and is backed by a sovereign guarantee from Egypt’s Ministry of Finance. ICIEC’s policy covers NHSFO, providing protection for the participating banks.

Impact and alignment

The transaction ensures Egypt’s energy security by facilitating the import of essential supplies, contributing to the country’s economic stability and fostering sustainable growth in line with UN SDG 17.

Outline

ICIEC has signed an agreement with Standard Chartered and ING Bank to provide insurance for a EUR 166 million club-financing facility for Istanbul Water and Sewerage Administration (ISKI). The seven-year facility funds two critical water and sanitation projects in Istanbul: the Cumhuriyet Drinking Water Treatment Plant (Second Stage) and the Paşaköy Advanced Biological Wastewater Treatment Plant (Third Stage). ICIEC’s financing facility insurance policy covers 95% of the risk through an NHFO-SOE.

Impact and alignment

ICIEC’s financial and political risk mitigation enables Türkiye to pursue its broader urban development and sustainability goals, and supports UN SDGs, including clean water and sanitation (SDG 6), industry and infrastructure (SDG 9), and sustainable cities (SDG 11).