Food security and climate change remain two of the most pressing challenges facing the world today. To tackle both, in support of our strategic realignment goals, we have taken the following steps.
related_annual_post: [{"ID":732,"post_author":"1","post_date":"2025-06-02 11:05:27","post_date_gmt":"2025-06-02 11:05:27","post_content":"","post_title":"Major Projects and Their Impacts","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"major-projects-and-their-impacts","to_ping":"","pinged":"","post_modified":"2025-06-02 11:53:55","post_modified_gmt":"2025-06-02 11:53:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/iciec.isdb.org\/annual-report\/2024\/?page_id=732","menu_order":0,"post_type":"page","post_mime_type":"","comment_count":"0","filter":"raw"}]
top_title: <span class="font-bold">Food security and climate change</span> remain two of the most pressing challenges facing the world today. To tackle both, in support of our strategic realignment goals, we have taken the following steps.
top_content_rep: [{"text":" Supported USD 1.8 billion in agricultural and fisheries products."},{"text":" Approved over USD 1.12 billion to the IsDB Group Food Security Response Program (FSRP)."},{"text":" Enabled the mobilization of additional financial resources through well-planned reinsurance arrangements."},{"text":" ICIEC contributed to the Arab Africa Trade Bridges (AATB) Food Security Program by insuring more than USD 75 million-worth of export of strategic goods."}]
bottom_content_rep: [{"item":"Allocated USD 5.36 billion for clean energy projects."},{"item":"Introduced Green Sukuk insurance policy."},{"item":"ICIEC's Board of Directors approved the ICIEC Climate Change Policy."},{"item":"Forged new partnerships with Global Green Growth Institute (GGGI) and the West African Development Bank (BOAD)."},{"item":"Signed collaborative partnership agreements with the International Renewable Energy Agency (IRENA), through the Energy Transition Accelerator Financing Platform (ETAF), a multi-stakeholder climate finance solution."},{"item":"ICIEC issued a EUR 103 million insurance policy to Standard Chartered Bank, supporting the Senegal government's initiative to install 50,000 off-grid solar-powered streetlamps in rural areas. This initiative marks a significant stride forward in renewable energy adoption in Senegal."}]
card_content_rep: [{"card_title":"Extending second loss risk NHFO-SOE policy cover for EUR 125 million facility to Turk Exim Bank\u200b","card_modal_content":"<p><b>Outline<\/b><\/p>\n<p>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 \u2013 beyond the\u00a0first loss portion covered by the International Bank for Reconstruction and Development (IBRD).<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>ICIEC\u2019s involvement supports Turk Eximbank in financing Turkish exporters, attracting international investment and stimulating trade, job creation, and GDP growth. The project aligns with T\u00fcrkiye\u2019s economic goals, including reducing reliance on oil and gas and enhancing economic resilience through infrastructure investment.<\/p>\n","card_image":{"ID":551,"id":551,"title":"1","filename":"1.jpg","filesize":106724,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/1.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/1-2\/","alt":"","author":"3","description":"","caption":"","name":"1-2","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:28:02","modified":"2025-06-01 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Uzbek SME export growth with coverage for EUR 50 million financing facility\u200b","card_modal_content":"<p><b>Outline<br \/>\n<\/b><br \/>\nICIEC 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\u2019s Small-and-Medium-Sized Enterprises (SMEs) Assistance Program. ICIEC\u2019s policy covers 90% of the risk over\u00a0a three-year period.<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>By supporting the SME sector, ICIEC\u2019s involvement is expected to drive significant economic and social benefits, including job creation, business diversification, and export growth, strengthening Uzbekistan\u2019s 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.<\/p>\n","card_image":{"ID":554,"id":554,"title":"2","filename":"2.jpg","filesize":208895,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/2.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/attachment\/2\/","alt":"","author":"3","description":"","caption":"","name":"2","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:28:27","modified":"2025-06-01 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the first specific transaction policy for Azerbaijan\u2019s RAN Modernization Project","card_modal_content":"<p><b>Outline<\/b><\/p>\n<p>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\u2019s 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\u00a03.5 years.<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>The project is a key element in Azerbaijan\u2019s 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.<\/p>\n","card_image":{"ID":558,"id":558,"title":"3","filename":"3.jpg","filesize":77116,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/3.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/3-2\/","alt":"","author":"3","description":"","caption":"","name":"3-2","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:28:45","modified":"2025-06-01 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insurance coverage to Deutsche Bank for a\u00a0EUR 161.4 million financing facility to support healthcare system in C\u00f4te d\u2019Ivoire\u200b","card_modal_content":"<p><b>Outline<\/b><\/p>\n<p>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 C\u00f4te 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.<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>The arrangement will significantly enhance healthcare infrastructure in C\u00f4te d’Ivoire, supporting the construction of critical hospitals and directly improving access to healthcare for local communities. The project aligns with ICIEC\u2019s strategy of enabling the country\u2019s sustainable development by addressing healthcare needs and strengthening social infrastructure.<\/p>\n","card_image":{"ID":561,"id":561,"title":"4","filename":"4.jpg","filesize":137818,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/4.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/4-2\/","alt":"","author":"3","description":"","caption":"","name":"4-2","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:29:01","modified":"2025-06-01 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exports in Member States with USD 75 million insurance coverage agreements with Japan\u2019s SMBC\u200b","card_modal_content":"<p>Pull-out 5<\/p>\n<p><b>Outline<\/b><\/p>\n<p>ICIEC has issued two new insurance policies to Japan\u2019s 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\u00a0to the UAE-based ETC Group \u2013 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.<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>Both transactions are expected to boost the agricultural sectors in the involved countries and align with ICIEC\u2019s 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.<\/p>\n","card_image":{"ID":564,"id":564,"title":"5","filename":"5.jpg","filesize":193696,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/5.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/attachment\/5\/","alt":"","author":"3","description":"","caption":"","name":"5","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:29:51","modified":"2025-06-01 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14:41:15","modified":"2025-06-01 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182 million insurance cover for syndicated Murabaha facility in Egypt\u2019s energy sector","card_modal_content":"<p><b>Outline<\/b><\/p>\n<p>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\u2019s 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\u2019s Ministry of Finance. ICIEC\u2019s policy covers NHSFO, providing protection for the participating banks.<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>The transaction ensures Egypt\u2019s 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.<\/p>\n","card_image":{"ID":567,"id":567,"title":"6","filename":"6.jpg","filesize":161441,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/attachment\/6\/","alt":"","author":"3","description":"","caption":"","name":"6","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:30:07","modified":"2025-06-01 14:30:07","menu_order":0,"mime_type":"image\/jpeg","type":"image","subtype":"jpeg","icon":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-includes\/images\/media\/default.png","width":996,"height":610,"sizes":{"thumbnail":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6-150x150.jpg","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6-300x184.jpg","medium-width":300,"medium-height":184,"medium_large":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6-768x470.jpg","medium_large-width":768,"medium_large-height":470,"large":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6.jpg","large-width":996,"large-height":610,"1536x1536":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6.jpg","1536x1536-width":996,"1536x1536-height":610,"2048x2048":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/6.jpg","2048x2048-width":996,"2048x2048-height":610}},"card_sdgs_rep":[{"sdg_image":{"ID":620,"id":620,"title":"17","filename":"17.svg","filesize":8596,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/17-2\/","alt":"","author":"3","description":"","caption":"","name":"17-2","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:41:15","modified":"2025-06-01 14:41:15","menu_order":0,"mime_type":"image\/svg+xml","type":"image","subtype":"svg+xml","icon":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-includes\/images\/media\/default.png","width":116,"height":117,"sizes":{"thumbnail":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","thumbnail-width":116,"thumbnail-height":117,"medium":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","medium-width":116,"medium-height":117,"medium_large":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","medium_large-width":116,"medium_large-height":117,"large":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","large-width":116,"large-height":117,"1536x1536":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","1536x1536-width":116,"1536x1536-height":117,"2048x2048":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/17.svg","2048x2048-width":116,"2048x2048-height":117}}}]},{"card_title":"Insuring EUR 166 million financing for key water and sanitation projects in Istanbul\u200b","card_modal_content":"<p><b>Outline<\/b><\/p>\n<p>ICIEC has signed an agreement with Standard Chartered and ING Bank to provide insurance for a EUR 166 million club-financing facility for\u00a0Istanbul 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 Pa\u015fak\u00f6y Advanced Biological Wastewater Treatment Plant (Third Stage). ICIEC\u2019s financing facility insurance policy covers 95% of the risk through an NHFO-SOE.<\/p>\n<p><b>Impact and alignment<\/b><\/p>\n<p>ICIEC\u2019s financial and political risk mitigation enables T\u00fcrkiye 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).<\/p>\n","card_image":{"ID":570,"id":570,"title":"7","filename":"7.jpg","filesize":186019,"url":"https:\/\/iciec.isdb.org\/annual-report\/2024\/wp-content\/uploads\/2025\/06\/7.jpg","link":"https:\/\/iciec.isdb.org\/annual-report\/2024\/support-for-food-security-and-climate-change\/attachment\/7\/","alt":"","author":"3","description":"","caption":"","name":"7","status":"inherit","uploaded_to":24,"date":"2025-06-01 14:30:25","modified":"2025-06-01 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page_title: <span>Support for Food</span>
<span>Security and</span>
<span>Climate Change</span>
