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, today announced the signing of a EUR 37 million Non‑Honoring of Sovereign Financial Obligations (NHSFO) policy in support of an Islamic financing facility provided by Standard Chartered for the landmark Nakkaş‑Başakşehir Motorway Project in Türkiye.

The policy was signed on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered.

Dr. Khalid Khalafalla, CEO, ICIEC, said: “ICIEC is proud to bolster strategic infrastructure in Türkiye by de‑risking this Shariah‑compliant financing for the Nakkaş‑Başakşehir Motorway. Our NHSFO policy support enables Standard Chartered to channel essential long‑term capital into a project that will enhance connectivity, spur economic activity, and create jobs.  This transaction exemplifies ICIEC’s mission to mobilize sustainable investment for our member states and to strengthen partnerships that drive inclusive growth.”

Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered says: “We are thrilled to have played our part in this pivotal infrastructure project, which will enhance connectivity and establish efficient links between key destinations on the European side of Türkiye. Our participation in this project is a reflection of our commitment to driving growth in Türkiye and the strength of our partnership with ICIEC across the markets we serve. Standard Chartered acted as Sponsors Financial Advisor, Mandated Lead Arranger, ICIEC/ECA Covered Creditor, ICIEC Covered Tranche Investment Agent, Offshore Security Agent and Hedging Bank.”

Spanning the European side of Istanbul, the Nakkaş‑Başakşehir Motorway will reduce congestion, cut travel times, and improve logistics efficiency—benefits expected to ripple across Türkiye’s trade corridors and manufacturing hubs.  By complementing its existing Political Risk Insurance (PRI) cover to equity investors, ICIEC delivers a comprehensive risk‑mitigation package that promotes bankability, crowds in private capital.