Riyadh, KSA — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is proud to announce a landmark insurance agreement with the global financial services provider, Société Générale S.A. The agreement, focused on a Non-Honouring of a Sovereign Financial Obligation (NHFSO) insurance policy, was signed at the IsDB Group Annual Meeting 2024 in Riyadh.

This significant partnership will provide coverage for the EUR 259 million Murabaha financing facility extended by Société Générale. The funds are earmarked for  the construction of the Dakar-Tivaouane highway and the expansion of the Cyrnos-Seven Up road. These initiatives are set to dramatically enhance transportation networks within the country, promoting economic growth and regional connectivity.

ICIEC CEO Mr. Oussama Kaissi expressed his enthusiasm about the partnership, stating, “This collaboration with Société Générale underlines our commitment to facilitating sustainable economic development through strategic partnerships. The Dakar-Tivaouane and Cyrnos-Seven Up projects are more than infrastructure development; they are vital arteries that will invigorate trade and improve the quality of life for the people of Senegal.”

The insurance support attests to ICIEC’s dedication to supporting member countries in their pursuit of infrastructure development that aligns with sustainable economic policies. By mitigating the risks associated with the underlying  financial obligations, ICIEC and Société Générale are ensuring that these pivotal projects move forward without financial impediments.

The developmental impact of the Dakar-Tivaouane and Cyrnos-Seven Up road projects cannot be overstated. Upon completion, these roads will significantly reduce travel time, facilitate smoother transportation of goods and services, and bolster economic activities across the region. They are also expected to create numerous jobs during and after construction, supporting local employment and skills development.

ICIEC remains steadfast  in its role as a catalyst for economic resilience and transformation within the Islamic world, contributing to the prosperity and well-being of its member states through the provision of risk mitigation tools and financial solutions.