Jeddah, Kingdom of Saudi Arabia –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, has provided insurance support for a EUR 500 million Sustainable Development Goal (SDG) financing facility for the Republic of Benin.

Under the transaction, ICIEC provided Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance cover for an insured principal amount of EUR 308.79 million, supporting the mobilisation of long-term financing for a portfolio of priority development projects in Benin. The transaction represents ICIEC’s first sovereign transaction in Benin of this scale, marking an important milestone in the Corporation’s engagement with the country.

The financing will support flagship initiatives under Benin’s Government Action Programme (PAG) 2021–2026 and Vision 2060 roadmap, with a focus on projects delivering environmental and social benefits across transport and road infrastructure, health, education and justice, in line with the country’s SDG Framework.

ICIEC’s insurance support strengthens the financing framework and contributes to the mobilisation of long-term funding for Benin’s sustainable development priorities. The transaction also benefits from a partial credit guarantee issued by the African Development Fund, the concessional financing arm of the African Development Bank Group. It highlights the role of multilateral cooperation and effective risk sharing in facilitating financing for high-impact development projects.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This transaction demonstrates how effective partnerships and innovative risk-sharing structures can help mobilise long-term financing for projects with meaningful development impact. It also reflects the growing cooperation between ICIEC and the African Development Bank Group in developing solutions that can unlock financing for our common Member Countries. As ICIEC’s first sovereign transaction in Benin of this scale, it marks an important milestone in our partnership with the country. We are pleased to support the Republic of Benin in advancing priority investments across infrastructure and essential social sectors, while helping translate national development priorities into tangible and sustainable outcomes.”

The transaction reflects ICIEC’s continued commitment to supporting its Member Countries by facilitating access to financing, enabling sustainable investment and strengthening cooperation between governments, financial institutions and development partners.

As multilateral development banks (MDBs) and development finance institutions (DFIs), we share a common purpose: to support development in emerging markets and developing economies. Private finance is an increasingly important part of how we do this, and we are committed to measuring our contribution to it credibly, consistently, and transparently. Today we are releasing the recently revised and expanded MDB Joint Methodologies, prepared by the MDB Task Force on Mobilization and endorsed by all 30 member institutions.^[i]

These changes are in response to the G20’s call, first set out in the 2024 Viewpoint Note, to “revise the joint MDB measurement methodology to expand the coverage of mobilization.” ^[ii]

These revised methodologies provide a fuller picture of how our member institutions make private finance available for development. Recognizing that private finance for development comes in various forms, the Task Force’s enhanced approach to estimating MDBs’ impact on development finance goes beyond measuring mobilization alone to include two additional indicators (one still in progress), distinguished by the risk investors take, the timing of the financing, and whether an MDB/DFI also finances the activity:

Mobilization estimates the financing made available for an MDB/DFI project for which the MDB/DFI also provides financing or guarantees, or for which it provides qualifying advisory or transaction support activities.

Generation is a new indicator that estimates the financing made available for MDBs/DFIs to use for development activities and/or to support their development mandates based on the institution’s balance sheet, credit rating, or other attributes, irrespective of the risk of any recipient or financed activity.

And still in development, an approach for Catalyzation that aims to provide a common methodology for all members to estimate the private financing made available by private investors because of MDB/DFI or MDB/DFI-financed activities that go beyond own account or mobilization.

These indicators span the full arc of our work, from the first dollar raised to the investment that follows long after our interventions end. Together they can tell the full story of how MDBs and DFIs make finance available to meet development priorities.

The MDB Joint Methodologies package released today comprises an overview of the history and concepts of MDB/DFI measurement of private finance; the updated Mobilization Reference Guide; a new Generation Reference Guide which introduces this new methodology; and a Catalyzation Progress Note setting out where work on that indicator stands. These will underpin our future annual joint reporting.

These materials include the first update to the joint mobilization methodology since 2018, which sets out enhanced principles that better define the flows that count as mobilized; includes expanded attribution rules for transactions in which several institutions participate, to help minimize double counting; introduces new indicators for public and portfolio-based mobilization; and draws a clearer line between catalytic and mobilizing advisory services. 

Furthermore, these revisions to the joint mobilization methodology help incentivize and capture the results of innovation, and respond to calls from shareholders to expand the use of originate-to-distribute models, securitization mechanisms, MDB guarantees, risk-transfer tools, and foreign exchange hedging, all of which have new or expanded guidance in the updated joint methodology._^[iii] 

Meeting today's development challenges will require private finance at a scale that MDBs and DFIs cannot deliver alone. Measuring our contribution credibly is the foundation for delivering it. We look forward to engaging with our shareholders, clients, investors, and partners on these new and revised methodologies in the months ahead.

Issued by the members of the MDB Task Force on Mobilization.

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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, has signed a Reinsurance Agreement with the Export-Import Bank of Pakistan (EXIM Bank of Pakistan), marking another milestone in the partnership between the two institutions.

Signed during ICIEC’s mission to Pakistan, the agreement will strengthen Pakistan EXIM’s risk-mitigation capacity and expand its ability to support Pakistani exporters through export credit insurance solutions.

Through the agreement, ICIEC will provide reinsurance support for eligible export transactions, helping enhance risk-sharing capacity, facilitate access to credit, and enable Pakistani businesses, including SMEs, to pursue opportunities in regional and international markets with greater confidence.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This agreement marks an important step in strengthening Pakistan’s export ecosystem. By combining ICIEC’s reinsurance capacity with EXIM Bank of Pakistan’s local expertise, we can expand the protection available to exporters, enhance their access to finance, and help Pakistani businesses, particularly SMEs, compete more confidently in regional and global markets. It also reflects our commitment to working with national export credit institutions to unlock new trade opportunities and support sustainable economic growth across our Member States.”

The agreement further reinforces the long-standing cooperation between ICIEC and Pakistan and reflects the shared commitment of both institutions to expanding the availability of effective risk-mitigation solutions for the country’s exporters. ICIEC looks forward to building on this partnership with EXIM Bank of Pakistan and supporting the continued development of Pakistan’s export sector.

Jeddah - The Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”), a Shariah-based multilateral insurer, and the Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of the IsDB Group, both members of the Islamic Development Bank (“IsDB”) Group, celebrated the successful completion of their first joint syndicated financing transaction in Uzbekistan, marking an important milestone in strengthening intra-Group collaboration.

This landmark collaboration represents a significant milestone in strengthening strategic synergy within the IsDB Group by combining ICD's syndication, structuring and private sector financing capabilities with ICIEC's credit risk mitigation solutions. Together, the two institutions are expanding the availability of Shariah-compliant financing, mobilizing private capital, trade expansion, and supporting sustainable private sector investment across member countries.

Under this pioneering syndication arrangement, ICD successfully led a USD 60 million Shariah-compliant Syndicated Financing Facility for Joint Stock Company “Asakabank” (“Asakabank”) in Uzbekistan, with an accordion feature to increase the facility size, whileICIEC provided USD 30 million in Credit Risk Insurance coverage in favour of a Kuwaiti bank against the risk of default by the obligor within the framework of the ICD’s Syndicated financing Facility.

Boubyan Bank participated as the sole Kuwaiti financial institution in the syndication, demonstrating its continued commitment to innovative Shariah-compliant financing structures and regional private sector development. Its participation highlights the growing appetite among Islamic financial institutions for structured syndication opportunities supported by robust risk mitigation solutions.

By combining ICD’s expertise in structuring and mobilizing Shariah-compliant syndicated financing facilities with ICIEC’s credit risk mitigation expertise, the transaction demonstrates how integrated IsDB Group solutions can catalyze greater participation from regional and international financial institutions. The collaboration not only expands financing capacity but also strengthens confidence in Islamic syndicated financing as a scalable instrument for supporting private sector growth. It also supports the broader objective of enabling businesses to access the financing needed to grow, create jobs, strengthen value chains, and contribute to economic resilience.

Commenting on the milestone, Dr. Khalid Khalafalla, CEO of ICIEC and Acting CEO of ICD, said: “This first joint syndication transaction between ICIEC and ICD reflects the strength of collaboration within the IsDB Group and our shared commitment to delivering integrated, Shariah-compliant solutions that respond to the financing needs of member countries. By bringing together ICD’s mandate to support private sector development and ICIEC’s expertise in credit risk insurance, we are helping to unlock financing, strengthen confidence among financial institutions, and channel capital towards businesses and projects that contribute to job creation, economic diversification, and sustainable growth. This transaction sets an important precedent for future cooperation between our institutions and reinforces our collective role in delivering tangible development impact across our member countries.”

The transaction also reflects ICIEC's and ICD’s shared commitment to expanding access to finance, strengthening Islamic finance solutions, and supporting transactions that contribute to economic growth, resilience, and development impact.

As part of the IsDB Group, ICIEC and ICD will continue to deepen collaboration in developing innovative Islamic financing structures, expanding syndication platforms, and mobilizing regional and international capital to support private sector development, trade, infrastructure, and sustainable economic growth across member countries.

Baku, Azerbaijan – 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 the financing of the Kınalı – Malkara section of the Kınalı – Tekirdağ – Çanakkale – Savaştepe Motorway Project in the Republic of Türkiye. The transaction was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

The EUR 150 million financing facility was arranged by Standard Chartered on behalf of a pool of banks involving Standard Chartered , DZ Bank AG, and ING Bank. ICIEC provides 95% insurance cover through its Non- Honouring of Sovereign Financial Obligations (NHSFO) Policy, supporting a strategic transport infrastructure project developed by Çanakkale Otoyol ve Köprüsü İnşaat Yatırım ve İşletme A.Ş.

The Kınalı – Malkara Motorway forms a key segment of Türkiye’s wider Kınalı – Tekirdağ – Çanakkale – Savaştepe Motorway corridor. Once completed, the project is expected to reduce travel times, improve journey reliability, lower transport costs, and strengthen connectivity across the Thrace region and beyond. The motorway is also expected to support regional economic development by improving the movement of goods and people, enhancing industrial and agricultural logistics, attracting investment, and creating employment opportunities across transportation, logistics, construction, tourism, and related sectors. By diverting traffic from existing roads and populated areas, the project will also help reduce congestion and improve road safety.

Commenting on the transaction, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Strategic transport infrastructure is a catalyst for economic transformation. Through this transaction, ICIEC is helping unlock long-term financing for a project that will strengthen regional connectivity, facilitate trade, improve logistics efficiency, and create new opportunities for businesses and communities across Türkiye. We are proud to support an initiative that not only enhances mobility but also contributes to sustainable economic development and regional competitiveness. The signing of this agreement during the IsDB Group Annual Meetings in Baku further underscores the value of partnership in delivering tangible development outcomes. "

Baku, Republic of Azerbaijan – 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, concluded its participation in the IsDB Group Annual Meetings 2026 in Baku with the signing of seven agreements, Memoranda of Understanding, and insurance policies valued at more than USD 1 billion.

Held from 16 to 19 June under the theme “Regional Integration for Sustainable Prosperity,” the Annual Meetings provided a strategic platform for ICIEC to advance partnerships, support bankable projects, and reinforce its role in enabling trade and investment across its 51 Member States.

During the 14th IsDB Group Private Sector Forum (PSF), Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, participated as a speaker in the CEOs Session titled “Making Regional Integration Investable.” The session focused on how the IsDB Group can deliver integrated solutions by combining trade facilitation, investment structuring, and de-risking instruments to transform regional integration ambitions into scalable and bankable opportunities.

Following the CEOs Session, ICIEC hosted its High-Level Panel Discussion titled “De-Risking Trade & Investment for Regional Prosperity.” The session brought together around 300 participants, including senior Azerbaijani officials, business leaders, investors, development finance institutions, export credit agencies, insurers, and trade promotion organisations. The discussion highlighted Azerbaijan’s role as a strategic regional hub connecting Central Asia, the South Caucasus, Türkiye, Europe, and the wider OIC region. It also examined how Shariah-compliant risk management instruments can unlock cross-border capital, strengthen investor confidence, and support sustainable development across Member Countries.

The agreements signed during the PSF covered key areas including infrastructure, trade finance, export development, banking cooperation, and investment facilitation. They included support for strategic transactions in Nigeria, Türkiye, Uganda, and other Member Countries, alongside partnerships with financial institutions aimed at expanding access to Shariah-compliant risk mitigation and trade finance solutions.

Commenting on ICIEC’s participation, Dr. Khalid Khalafalla said: “ICIEC’s achievements in Baku demonstrate the vital role of risk mitigation in turning regional integration ambitions into bankable opportunities. The agreements concluded during the Annual Meetings will support infrastructure delivery, trade flows, investment mobilisation, and private sector growth across our Member States. ICIEC remains committed to providing the confidence and protection needed to move strategic projects from concept to implementation.”

Throughout the Annual Meetings, ICIEC held more than 80 B2B and B2G meetings with stakeholders from over 60 countries, strengthening engagement with governments, financial institutions, investors, exporters, and private sector leaders.

The ICIEC Awards recognised outstanding institutions and initiatives for their contributions to trade, investment, and sustainable development. This year, ICIEC honoured First Abu Dhabi Bank, Standard Chartered Bank, and Agrobank for landmark infrastructure and trade finance transactions that reflect the impact of effective partnerships and risk mitigation.

On the occasion of the Annual Meetings, ICIEC also issued a Special Issue themed “Corridors of Opportunities: From Azerbaijan to Central Asia, Enabling Bankable Delivery Through Risk Mitigation.” The publication highlighted Azerbaijan’s growing role as a gateway linking Central Asia, the South Caucasus, Türkiye, Europe, and the wider Islamic world. It featured perspectives on trade corridors, Islamic finance, export credit insurance, investment protection, and the role of risk mitigation in advancing sustainable growth. ICIEC’s outcomes in Baku reaffirm its commitment to working with Member States, financial institutions, investors, and development partners to de-risk strategic projects, expand cross-border trade, and promote sustainable prosperity across the OIC region and beyond.

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 – [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, and the Arab Trade Financing Program (ATFP) have signed a Bank Master Policy under a Comprehensive Islamic Finance framework, further strengthening their longstanding partnership to facilitate trade, enhance access to finance, and support sustainable economic growth across member countries.

Signed on the sidelines of the IsDB Group 2026 Annual Meetings in Baku, the Bank Master Policy establishes a Shariah-compliant risk-sharing framework to support financing operations arranged by ATFP in the United Arab Emirates. Under the arrangement, ICIEC will provide insurance coverage for eligible transactions, protecting the policyholder against specified commercial risks, including non-payment, while enhancing transaction security and confidence among participating financial institutions.

The signing marks an important step in advancing Islamic trade finance solutions and reflects both institutions’ shared commitment to strengthening economic connectivity, facilitating cross-border commerce, and supporting private sector development.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This Bank Master Policy marks an important step in expanding Shariah-compliant trade finance solutions across our Member States. Through this partnership with ATFP, ICIEC is helping strengthen confidence in trade transactions, mitigate non-payment risks, and enable financial institutions to extend financing with greater certainty. This reflects our continued commitment to supporting sustainable economic growth through practical and impactful risk mitigation solutions.”

As a leading provider of Shariah-compliant credit and political risk insurance, ICIEC continues to facilitate cross-border trade and investment by mitigating risks and mobilising private capital. Through this partnership, ICIEC and ATFP are contributing to a more integrated, resilient, and sustainable trade ecosystem across their 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, announced the approval of its 2025 Annual Report and Audited Financial Statements by the Board of Governors on the sidelines of the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan, from 16 to 19 June 2026.

The 2025 Annual Report, themed “Driving Sustainable Development and Powering Growth,” highlights a strong year for ICIEC, with Business Insured reaching USD 17.8 billion, a 37.8% increase compared with 2024. This brings cumulative business insured since inception to USD 138.9 billion, comprising USD 107.8 billion in trade and USD 31.1 billion in investment. ICIEC also recorded USD 7.3 billion in new insurance commitments and closed the year with gross exposure of USD 7.6 billion.

In 2025, ICIEC further strengthened its membership with the accession of the Republic of Sierra Leone as its 51st Member State. The Corporation also continued to support intra-OIC trade and investment, insuring USD 7.72 billion in intra-OIC trade and USD 1.57 billion in intra-OIC investments during the year.

ICIEC’s financial performance remained strong, with corporate net results reaching USD 40.4 million, a 62.5% improvement over 2024. The Policyholders’ Fund also recorded a major turnaround, converting its accumulated deficit into an accumulated surplus of USD 5.9 million by year-end 2025.

ICIEC maintained its strong credit standing, with Moody’s maintaining its Aa3 Insurance Financial Strength Rating and S&P reaffirming its AA- long-term issuer credit and financial strength rating with a stable outlook.

The year 2025 also marked a key strategic transition for ICIEC, with the conclusion of its 2016–2025 Strategic Framework and the preparation of its new 2026–2030 Corporate Strategy, aligned with the IsDB Group’s 10-Year Strategic Framework 2026–2035.

Commenting on the report, Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said, “2025 was a year of strong operational and financial performance for ICIEC, delivered against a challenging global backdrop. Insuring USD 17.8 billion in business and achieving a significant improvement in financial results reflect the strength of our mandate and the continued relevance of Shariah-compliant risk mitigation solutions. As we move forward, ICIEC remains committed to de-risking trade and investment, mobilising capital, and supporting sustainable development across our Member States.”

Baku, Azerbaijan – 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 the financing of the Lagos-Calabar Coastal Highway - Phase II in Nigeria, committing a total insured amount of USD 626 million in support of one of the country's most strategically significant transport infrastructure projects. The agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.

The transaction is backed by ICIEC's Non- Honouring of Sovereign Financial Obligations (NHSFO) insurance policy, structured in favour of First Abu Dhabi Bank as the policyholder, with the Federal Ministry of Finance of Nigeria acting as the borrower . The policy provides 95% coverage across two tranches: USD 276 million with a 7-year tenor, and USD 350 million with a 9-year tenor. By mitigating sovereign risk, ICIEC's participation plays a critical role in facilitating access to long term international financing and ensuring the successful implementation of this landmark infrastructure project.

The Lagos–Calabar Coastal Highway Project is a key component of Nigeria's broader infrastructure development agenda. Upon completion, the project will significantly enhance regional integration and mobility, enabling more efficient movement of goods and people across the country's coastal regions, thereby catalysing economic activity, reducing logistics costs, and strengthening supply chains.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “ Through this transaction, ICIEC is demonstrating the practical value of Shariah-compliant risk mitigation in advancing large-scale development projects. Our support helps bolster lender confidence, mobilise long-term financing, and enable Nigeria to move forward with this strategic infrastructure investment that will strengthen connectivity and support socioeconomic progress .”