The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was the recipient of two major recognition’s in the Islamic Finance News Deals of the Year Report for 2020.

The Corporation received the award for IFN Africa Deal of the Year 2020 for ICIEC’s EUR 20 million cover toward the reconstruction of Scientific High School in Yamoussoukro, Côte d’Ivoire in partnership with Bank of Africa, BMCE Group Morocco.  Bank of Africa BMCE Group leveraged on ICIEC support to successfully mobilize a total of EUR 54 Million for the project.

The project addresses one of the key impediments to education in Côte d’Ivoire, lack of infrastructure and adequate facilities. ICIEC’s support for the project advanced the construction of 22 new classrooms and contributed to the Government of Côte d’Ivoire’s ten-year Education and Training Sector Plan (Plan Sectorial Education/Formation 2016–2025). The program aims to mitigate poverty and illiteracy by enabling as many children as possible to have access to quality education.

ICIEC was also the recipient of the IFN Sovereign & Multilateral Deal of the Year 2020 for its EUR 143 million cover of the financing for the construction of two new hospitals with a collective capacity of 400 beds in the south-eastern towns of Adzope and Aboisso in Côte d’Ivoire in partnership with Deutsche Bank. These hospitals bring state-of-the-art equipment and facilities into the typically underserved region. The two hospitals will employ around 600 local people and foster the development of a micro-economy in the areas surrounding them. Additionally, the project financed five new medical units in existing hospitals across Côte d’Ivoire. The EPC contract is undertaken by a Moroccan contractor, supporting the export of services from another ICIEC member country and facilitating intra-OIC trade of services and human capital between Cote d’Ivoire and Morocco. The support from ICIEC is helping Côte d’Ivoire achieve its National Development Plan targets for 2016-2020 while also improving the Republic’s ability to contain the COVID-19 pandemic.

“ICIEC is honoured to receive such important recognition for both of these seminal projects in 2020,” says ICIEC CEO, Mr. Oussama Kaissi. “With the COVID-19 pandemic bringing such a tumultuous year for countries across the globe, we are proud of the significant positive impact these projects have on development and we are even more delighted with the education, healthcare, and employment opportunities they have provided to citizens of Côte d’Ivoire. ICIEC will continue to support member countries and the achievement of the Sustainable Development Goals through the provision of shariah compliant insurance solutions.”