Baku, Azerbaijan – [19 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has provided insurance support for the construction of the Akii-Bua Olympic Stadium in Uganda. The transaction was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026. 

ICIEC’s support was provided through a Specific Transaction Policy (STP) extended to SAMCO National Construction Company of Egypt covering a supplier credit facility. The project has a total contract value of approximately USD 130 million, with an insured amount of USD 65 million and a coverage level of 90% against the non-honouring of a Ministry of Finance guarantee issued by the Government of Uganda. 

The Akii-Bua Olympic Stadium is part of Uganda’s efforts to strengthen national sports infrastructure and expand its capacity to host regional and international sporting events. Located in Lira City, the project is expected to support youth athletics, promote community participation in sports, and contribute to healthier lifestyles. 

During construction, the project is expected to create employment opportunities and increase demand for local materials and services. In the longer term, the stadium is expected to stimulate regional economic activity by attracting sporting events, tourism, and related commercial services, while supporting urban development in Lira and surrounding areas. 

Commenting on the transaction, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: "This project demonstrates how well-structured risk mitigation can help deliver social infrastructure with lasting development value. By supporting the Akii-Bua Olympic Stadium, ICIEC is contributing to a project that will serve communities, empower young people, and create new opportunities for economic activity in Northern Uganda." 

Baku, Azerbaijan – [16 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, has released its 2025 Annual Development Effectiveness Report (ADER) on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026. 

Published under the theme “Anchoring Sustainability: Driving Resilient Trade, Investment, and Development Impact,” ICIEC - 2025 ADER marks the ninth edition of ICIEC’s flagship publication on development impact and institutional performance. The report presents an evidence-based assessment of how ICIEC’s Shariah-compliant credit and political risk insurance solutions translate risk mitigation into tangible development outcomes across Member Countries, supporting economic resilience, financial inclusion, private sector growth, and human development. 

In 2025, ICIEC’s development contribution was reflected in strong results across several impact areas. Islamic trade and investment finance support reached USD 1.9 billion, representing a 3.5-fold the volume of the previous year. This underscores ICIEC’s growing role in enabling Shariah-compliant financial solutions that support trade, investment, and capital mobilisation across Member Countries. 

The report also highlights ICIEC’s contribution to private sector development and inclusive growth. In 2025, ICIEC-supported transactions enabled support for 6000 SMEs, an 84% increase over 2024, helping expand access to finance for enterprises that are central to job creation, innovation, and economic diversification. 

Human development remained a key area of impact, with ICIEC-supported transactions contributing to more than 294,000 jobs supported during the year, a 144% increase compared to 2024. The report further demonstrates ICIEC’s contribution to essential goods and services, with USD 889 million enabled in 2025, including transactions linked to food security, energy supply, health, and other critical services that support social stability and economic resilience. 

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “ICIEC’s 2025 Annual Development Effectiveness Report reflects our continued commitment to demonstrating measurable development impact across Member Countries. Through our Shariah-compliant risk mitigation solutions, we are supporting Islamic trade and investment finance, enabling SMEs, sustaining jobs, and facilitating access to essential goods and services. These outcomes reflect the practical value of ICIEC’s mandate and its contribution to resilient and inclusive development.” 

The 2025 ADER also marks an important step forward in ICIEC’s impact reporting, introducing an enhanced Development Impact Framework, refined indicators, and a more structured measurement approach that better links ICIEC’s insurance and reinsurance activities to measurable development outcomes. Building on a cumulative record of USD 138.9 billion in trade and investment insured since inception, the report reaffirms ICIEC’s commitment to transparency, accountability, and sustainable development impact across its Member Countries. 

Baku, Azerbaijan – [19 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, is pleased to announce its support for a EUR 100 million financing facility extended by ING Bank (Germany) and SMBC Bank International Plc (United Kingdom) to the Export Credit Bank of Türkiye (Türk Eximbank). 

The transaction was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Republic of Azerbaijan, from 16 to 19 June 2026. 

ICIEC is providing Non-Honoring of Financial Obligations for State-Owned Enterprises (NHFO-SOE) insurance cover for a tenor of 10 years, helping Türk Eximbank access long-term funding to expand affordable export financing for Turkish companies, particularly SMEs. 

Türk Eximbank serves a broad base of Turkish corporates, predominantly SMEs. The facility will help expand access to affordable financing, enabling these companies to scale their operations, pursue new markets, and support employment creation in line with Türkiye’s export growth strategy. 

Commenting on the transaction, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said:" SMEs are central to Türkiye’s export ambitions and long-term economic resilience. Through this facility, ICIEC is helping Türk Eximbank broaden access to competitive financing for companies seeking to expand beyond domestic markets. This agreement reflects the practical value of multilateral cooperation in enabling trade, supporting enterprise growth, and creating lasting development impact.” 

Baku, Azerbaijan – [17 June 2026] – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, convened a high-level panel discussion titled “De-Risking Trade & Investment for Regional Prosperity” on the sidelines of the IsDB Group Private Sector Forum 2026 in Baku. 

Held at the Baku Convention Center, the session brought together senior representatives from Azerbaijani public and private sector stakeholders, export credit agencies, multilateral development banks, commercial banks, insurers, investors, government entities, State-Owned Enterprises, and business leaders.  

The discussion focused on how risk mitigation can unlock private capital, strengthen investor confidence, and support regional integration across Azerbaijan, ICIEC Member States, and the broader OIC region, in alignment with the Annual Meetings theme, “Regional Integration for Sustainable Prosperity”. Convened in Baku, the session explored how political risk insurance, trade credit insurance, and credit enhancement solutions can help transform opportunities in infrastructure, energy, logistics, ICT, manufacturing, and trade into bankable projects, while supporting Azerbaijan’s expanding role as a regional gateway for investment, connectivity, export-oriented growth, and wider OIC market integration. 

The event featured keynote remarks by Mr. Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of the Republic of Azerbaijan (AZPROMO), who highlighted Azerbaijan’s growing role as a regional hub for trade, investment, and connectivity. 

The panel featured Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC; Mr. Yuichiro Akita, President of the Berne Union; Mr. Sujithav Sarangi, Executive Director, Development and Agency Finance Team, Standard Chartered; and Mr. John Lentaigne, Global Head of Structured Credit and Political Risks, Specialist Risk Group. The discussion was moderated by Mr. Elnur Aliyev, Advisor to the Chairman, KOBIA Azerbaijan. 

Speaking during the session, Dr. Khalid Khalafalla said: “Regional prosperity can only deliver its full development impact when trade and investment opportunities are supported by confidence, bankability, and effective risk mitigants. ICIEC’s Shariah-compliant solutions help governments, financial institutions, and investors move from ambition to implementation and execution. Through strong partnerships with public and private sector institutions, ICIEC is helping mobilise capital for strategic sectors, reduce perceived and actual risks, and support sustainable growth across Member States and beyond.” 

The discussion underscored that Regional Prosperity requires more than connectivity and project pipelines. It requires a coordinated ecosystem in which governments, financial institutions, insurers, investors, and development partners work together to manage risk, mobilise finance, and deliver tangible development outcomes. 

The session reinforced ICIEC’s role as a catalyst for trade, investment, and sustainable development through Shariah-compliant risk mitigation solutions, partnership-building, and support for investment-ready projects across Member States. It also highlighted how tailored risk mitigation solutions can help Azerbaijan deepen regional economic integration, attract sustainable investment, and strengthen its position as a key hub for cross-border trade and connectivity. 

ICIEC signed an amended Memorandum of Understanding (MoU) with Nippon Export and Investment Insurance (NEXI), Japan’s official Export Credit Agency. The signing ceremony was held in Tokyo on August 18, 2025, during a bilateral meeting between Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Atsuo Kuroda, Chairman and CEO of NEXI.

The amended MoU aims to broaden the scope of cooperation between ICIEC and NEXI, with a particular focus on innovative financing mechanisms such as blended finance. The agreement also seeks to enhance coordination in project development and risk mitigation, leveraging ICIEC’s deep regional expertise and mandate to support investment flows into Member States.

The partnership between ICIEC and NEXI was first formalized in 2019 during TICAD 7, where both parties recognized the urgent need for infrastructure development across the African continent and the potential for Japanese companies to play a catalytic role in that effort. Since then, the collaboration has evolved through several key initiatives, including the establishment of a reinsurance framework, the launch of a dedicated Japan Desk within ICIEC to facilitate engagement with Japanese enterprises, and joint support for strategic projects such as the Gas Power Plant Construction Project in Turkmenistan.

This renewed MoU coincides with the Ninth Tokyo International Conference on African Development (TICAD 9) in Yokohama and reflects the shared commitment of both institutions to advancing sustainable development and investment in Africa and other ICIEC Member States.

Commenting on the occasion, Dr. Khalid Khalafalla, CEO of ICIEC, stated: “This renewed MoU with NEXI marks a significant milestone in our enduring partnership. By expanding our collaboration framework, we are better positioned to support transformative projects in our Member States. We look forward to working closely with NEXI to mobilise financing, de-risk infrastructure initiatives, and foster inclusive growth across our Member States.”

Astana – 12 May 2026 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB), acting as agent of the Republic of Austria under the Export Guarantees Act, are pleased to announce  the signing of a Framework Reinsurance Agreement designed to expand capacity and enhance risk-sharing for eligible export credit and investment insurance transactions. The agreement was signed during the 2026 Spring Meeting of the Berne Union, hosted by KazakhExport in Astana from 11 to 14 May 2026.

Under the agreement, ICIEC will provide facultative reinsurance on a case-by-case basis for OeKB-supported insurance facilities. The arrangement will help enhance support for Austrian exporters, lenders, and investors undertaking transactions with counterparties in ICIEC Member States, while contributing to the mobilisation of trade, investment, and development-oriented projects across key markets.

The reinsurance arrangement applies to the principal portion of covered credit exposures, with participation levels to be mutually agreed and documented for each transaction. By combining OeKB’s export credit insurance expertise with ICIEC’s multilateral mandate and deep understanding of risks across its Member States, the agreement will help unlock additional capacity for transactions that support economic connectivity, private sector development, and sustainable growth.

Commenting on the signing, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said:

“Building on the reinsurance agreement signed between ICIEC and OeKB in 2023, this Framework Reinsurance Agreement marks another important step in deepening our institutional cooperation. It provides a practical platform to expand reinsurance capacity, enhance risk-sharing, and support eligible export credit and investment insurance transactions involving Austria and ICIEC Member States. Through this partnership, ICIEC will continue to help mitigate risks, mobilise trade and investment, and support transactions that contribute to sustainable economic growth and development impact across our Member States.”

Gerhard Kinzelberger, Senior Director, International Relations & Country Analysis, said: “Many member countries of ICIEC are dynamically growing, interesting markets for Austrian export companies. We are therefore very pleased about the conclusion of this reinsurance agreement, with which we can support Austrian exporters in OIC member states even better in their projects and investments”

Through this Framework Reinsurance Agreement, ICIEC and OeKB are establishing a stronger platform for cooperation that can support eligible transactions, expand insurance capacity, and contribute to increased trade and investment flows between Austria and ICIEC Member States. The agreement also underscores the role of reinsurance partnerships in enabling risk mitigation, strengthening market confidence, and supporting sustainable economic development.

Jeddah – 01 May 2026 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, is pleased to host a high-level Panel Discussion (HLPD) during the Private Sector Forum of the 2026 IsDB Group Annual Meetings in Baku, Azerbaijan, under the theme “De-Risking Trade & Investment for Regional Prosperity,” which will be held on Thursday, 18 June 2026, from 10:00 to 11:00.

The session will bring together government officials, financial institutions, export credit agencies, investors, and development partners to discuss how risk mitigation solutions can mobilize private capital, strengthen regional integration, and support sustainable growth across Azerbaijan and the wider OIC region.

With Azerbaijan’s strategic location between Europe and Asia, and its growing role in connectivity, logistics, renewable energy, infrastructure, and non-oil economic diversification, the HLPD will highlight practical opportunities for de-risked investment and cross-border cooperation. The discussion will also showcase how ICIEC’s Shariah-compliant political risk insurance and credit enhancement solutions can help address investment barriers, enhance investor confidence, and unlock financing for priority development projects.

ICIEC’s CEO, Dr. Khalid Khalafalla, stated, “This high-level panel discussion is an important platform to advance dialogue and partnerships around regional integration. Through its risk mitigation solutions, ICIEC helps turn investment opportunities into bankable projects that support trade, investment, and sustainable development across Member States.”

Amman, 21 April 2026 – The United Nations Development Programme (UNDP), has signed a Joint Statement of Intent with the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) —both members of the Islamic Development Bank (IsDB) Group—introducing a new blended finance structure that leverages credit insurance to catalyze private investment in climate-smart sectors.

This partnership will unlock capital for green small and medium-sized enterprises (SMEs) and support national efforts to achieve climate and sustainable development goals across the Arab States region. It will support financing across a broad range of sustainability-related areas, including climate change mitigation and energy transition, climate adaptation and resilience, sustainable water usage and governance, circular economy and management, sustainable agriculture and food systems and other green finance sectors.

“Across our region, SMEs are the backbone of economies and helping them grow and innovate is critical to strengthening economic resilience and climate ambition,” said Abdallah Al Dardari, UN Assistant Secretary General and Director of UNDP’s Regional Bureau for Arab States. “Through this new partnership we will work closely with regional financial institutions to expand SMEs access to green finance, to accelerate inclusive, climate-resilient development in line with UNDP’s flagship Green Finance Platform.”

In countries benefiting from the new partnership, ICD will provide financing facilities to partner banks and financial institutions while ICIEC will offer comprehensive credit insurance and risk-sharing solutions to encourage financial institutions to expand financing to green sectors, in addition to leveraging reinsurance partnerships to enhance the facility’s capacity and long-term sustainability.

"By uniting ICIEC's risk mitigation, ICD's financing, and UNDP's development network, we are creating a scalable engine for green private sector growth,” stressed Mohammad Asheque Moyeed, Acting Director, Banking Department at ICD. “This partnership is our shared commitment to building a more inclusive and sustainable future for SMEs across our member countries."

"Our role in this partnership is to unlock capital for the SMEs driving a greener, more diversified economy,” explained Yasser Alaki, Director of Business Development, ICIEC. “Through our credit insurance solutions, ICIEC provides the essential risk assurance that enables financial institutions to confidently channel financing toward this vital growth sector."

Serving as a convener of the partnership, UNDP will facilitate linkages between financial institutions and SMEs engaged in its programmes and will coordinate joint efforts to mobilize resources to lower the cost of risk-sharing mechanisms.

Jeddah – 19 April 2026 – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, is pleased to announce that S&P Global Ratings has affirmed its long-term issuer credit and financial strength ratings at ‘AA-’ with a Stable Outlook for the third consecutive year, maintaining ICIEC’s position among the highest-rated peer institutions globally.

The reaffirmation reflects ICIEC’s strong credit fundamentals, underpinned by solid financial strength, a low-risk profile, and S&P’s confidence in its robust capital adequacy, sound risk management framework, exceptional liquidity, and sustained financial performance. S&P has maintained ICIEC’s Enterprise Risk Profile at strong (A+) and Financial Risk Profile at very strong (up to AA+), supported by capital adequacy at the 99.99% confidence level, prudent governance, strong shareholder support, and Preferred Creditor Treatment (PCT). The overall rating of ‘AA-’ is based on the combined strength of these profiles. Stable Outlook reflects expectations of continued mandate-driven growth while maintaining strong capital and liquidity positions.

S&P further noted that ICIEC’s exposure to ongoing Middle East geopolitical developments remains limited and well-diversified, with strong capital buffers and reinsurance support sufficient to absorb potential volatility and claims. The Corporation’s business prospects remain resilient, supported by core markets across Africa, Asia, and Central Asia, particularly within the PCT-backed investment guarantee segment.

ICIEC extends its sincere appreciation to its Member Countries, the Chairman and members of the Board of Directors, and all stakeholders for their continued support, as well as to its dedicated staff members.

This reaffirmation underscores ICIEC’s financial strength, robust risk management, and institutional resilience, reinforcing its commitment to supporting sustainable economic development across its Member States while further strengthening its global standing. It also reinforces continued confidence among global partners, including policyholders, financial institutions, export credit agencies, and particularly reinsurance partners, in ICIEC as a reliable and trusted low-risk multilateral counterparty.

Lagos, Nigeria, 30 March 2026 — The Islamic Development Bank (IsDB) Group successfully concluded the IsDB Group Day in Nigeria on 30 March 2026, bringing together senior government officials, private sector leaders, financial institutions, chambers of commerce, development partners, and international stakeholders to strengthen collaboration, promote investment, and enhance private sector–led growth in Nigeria.

The high-level event underscored Nigeria’s strategic importance as Africa’s largest economy and highlighted the critical role of private sector engagement in addressing key development challenges, including infrastructure gaps, youth and women unemployment, limited access to finance for small and medium-sized enterprises (SMEs), and the transition toward a more diversified and sustainable economy.

The IsDB Group Day served as a strategic platform to present the Group’s comprehensive range of services and solutions in investment, trade finance, insurance, Islamic finance, and capacity building.

The event facilitated dialogue amongst policymakers, investors, entrepreneurs, and development partners, fostering meaningful engagement and the exploration of practical business and investment opportunities.

In his keynote address, H.E. Mr. Wale Edun, the Minister of Finance and coordinating Minister of the Economy of the Federal Republic of Nigeria stated:

"As Nigeria transitions from economic stabilization to a period of robust expansion in 2026, our focus is firmly set on Growth Acceleration and Investment Mobilization. This journey toward a $1 Trillion economy by 2030 requires 'capital with purpose'—investments that bridge the gap between financial stability and tangible social outcomes. Through our strategic partnership with the Islamic Development Bank (IsDB) and the implementation of the Country Engagement Framework 2026-2028, we are modernizing our infrastructure, industrializing our agribusiness, and bringing 10 million Nigerians into productive economic activity. By leveraging innovative instruments like Sukuk, we are not just financing projects; we are building a Nigeria that is resilient by design, inclusive by nature, and a premier destination for global investment."

The IsDB Group Head of Delegation underscored: “The CEF marks a new era of strategic synergy, moving beyond isolated interventions to deliver integrated, federal-scale solutions. We are aligning our institutional resources to support Nigeria’s transition toward a diversified, high-growth economy—one where the private sector serves as the fundamental engine of development.”

He further emphasized that through this partnership, the Group remains dedicated to accelerating the delivery of integrated transformative solutions that foster national resilience and competitive industrialization.

One of the main features of the program was a panel discussion on Nigeria’s development priorities and the role of IsDB Group in formulating practical avenues of cooperation and forging strategic partnerships to support Nigeria’s path towards sustainable and inclusive development.

The discussions during the IsDB Group Day were closely aligned with Nigeria’s future development vision, which focuses on building a diversified, inclusive, and resilient economy driven by private sector–led growth. Emphasis was placed on expanding access to finance for

SMEs, strengthening public–private partnerships, advancing renewable energy and green infrastructure, and investing in human capital to unlock opportunities for youth and women.

These priorities reflect Nigeria’s commitment to sustainable development, economic diversification, and deeper regional integration through trade and investment.

A series of bilateral (B2B and B2G) meetings were held amongst representatives of the IsDB Group, business leaders, investors, and financial institutions to explore opportunities for cooperation and partnerships with the Islamic Development Bank Group. Inspiring success stories implemented in Nigeria in partnership with local entrepreneurs as well as local and international institutions were also presented.

The event also highlighted the activities, services, and initiatives of IsDB Group institutions, including the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank Institute (IsDBI), and the Islamic Development Bank Group Business Forum (THIQAH).

The day concluded with a reaffirmation of the Islamic Development Bank Group's commitment to continued cooperation  with the Nigerian government and the country’s private sector to further build strategic partnerships, expand investment opportunities, and enhance the business environment, thereby contributing to the achievement of sustainable development in Nigeria.