ICIEC covers SMBC financing to Egyptian Ministry of Finance
As part of the Government of Egypt’s strategy to fight against the social and economic impacts of the COVID-19 pandemic, the Egyptian Ministry of Finance appointed international banks to arrange a syndicated facility of USD 1.5 billion. ICIEC provided USD 135 million in NHSO policy for Sumitomo Mitsui Banking Corporation’s (SMBC) London Branch, covering its participation in the syndicated facility. The transaction will also serve SDG 8 by promoting inclusive and sustainable growth, employment and decent work.
ICIEC cover supports the construction of a state-of-the-art Olympic stadium in Senegal
ICIEC has extended over EUR 143 million in cover toward infrastructure developments in Diamniadi, Senegal. ICIEC’s cover contributes to the construction of a 50,000 seat capacity Olympic football stadium, two training grounds and a system to produce and store the solar energy that will power the stadium. In addition to creating nearly 400 jobs, the stadium construction project contributes to the creation of Diamniadio Urban Pole, one of Government of Senegal’s flagship projects, which fits into the broader context of Plan Senegal Emergent (“PSE”).
ICIEC provides cover for financing of essential imports to Nigeria in response to COVID-19
ICIEC has provided USD 12.5 million in cover, issuing the Corporation’s first ever BMP Murabaha to BMCE Bank of Africa Morocco in support of its financing for a Nigerian bank. ICIEC’s support allowed for the urgent financing to secure essential imports of food and refined oil to Nigeria, helping to offset the social and economic distress caused by the COVID-19 pandemic. ICIEC has played a crucial role in facilitating trade flow and reinforcing trust, directly supporting banks and private sector resilience through the crisis.
ICIEC insurance supports financing for Senegal’s urgent strategic commodities
ICIEC has recently extended USD 9 million in LC confirmation insurance to BMCE Bank of Africa Morocco in order to secure urgent imports of strategic commodities to Senegal. The COVID-19 pandemic, combined with flooding, has caused a serious supply chain disturbance and economic distress in the country. The ‘ICIEC ISFD Covid-19 Emergency Response Initiative’ has eased the financial burden on the transaction by structuring a concessional all-in pricing mechanism, helping Senegal to preserve the flow of essential imports.
ICIEC reinsurance supports increased insurance capacity for Indonesian ECA
ICIEC provided USD 143 million in reinsurance capacity to support PT Asuransi Asei Indonesia’s short-term trade credit insurance program. The reinsurance treaty program was originally signed in 2018 and the successful renewal is an indication that ICIEC’s presence in this region is well received by member country ECAs. ICIEC’s presence not only increases local insurance capacity, but also expands access to the extended IsDB group. This transaction is supporting the Member Country ECA in increasing their insurance capacity to support policyholder’s exports.