Construction of the Eastern Road and 5 Bridges in Côte d’Ivoire
ICIEC is providing a Non-Honoring of Sovereign Financial Obligations-Loan Guarantee cover to Société Générale Paris as part of a loan facility their subsidiary has provided to the Government of Côte d’Ivoire to finance multiple projects within the member country. The facility’s total value is EUR 114 million, including EUR 40 million insured by ICIEC. Of the various projects the loan Guarantee facility is financing, ICIEC’s coverage supports the construction of a road and five bridges in Northeastern Cote d’Ivoire, one of the main cocoa-producing areas of the country. The project is part of a 1,500 km road rehabilitation program. By insuring infrastructure financings such as roads and bridges, ICIEC is helping Côte d’Ivoire achieve the United Nations Sustainable Development Goals 8 and 9, empowering local communities and supporting trade.
Supporting rural access to education and medical facilities in Senegal
ICIEC is providing a EUR 81 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to support a leading Moroccan contractor and developer “Jet Contractors” in financing the construction of six university campuses under the Republic of Senegal’s Ministry of Education sponsorship. The campuses are to be located in rural areas, and each has been designed to include a fully functioning medical centre. The seminal project is a significant effort to support the Government of Senegal’s efforts to fight academic disengagement whilst preventing the spread of COVID-19. Developing basic infrastructure for educational purposes is crucial to Senegal’s sustainable economic development and empowering communities. ICIEC’s support for this project is enhancing access to education and healthcare for many Senegalese citizens in traditionally underserved regions, contributing to job creation and the development of critical infrastructure, and supporting the growth of Senegal’s economy.
Facilitating access to finance for Indonesia’s SME mining sector
ICIEC provided USD 40 million in Political risk cover to SIDRA Capital, supporting a loan facility to PT MCT. The loan facility is used to fund transactions involving suppliers/operators in Indonesia’s mining sector and nickel trading. ICIEC’s support for the facility is expected to promote Islamic modes of finance in the country and bridge the financing gap for local mining operators by helping SME mines gain access to funding. The facility is also expected to contribute to FDI and foreign exchange flows into the member country.
Supporting Uzbekistan’s SMEs to finance trade and imports of capital goods
ICIEC is providing USD 30 million in Bank Master Policy (BMP) to Bunge S.A., Switzerland, as part of an effort to support Uzbekistan’s SMEs in importing capital goods and equipment. The coronavirus pandemic has significantly impacted Uzbekistan’s economy. The member country has faced weakened demand for trade (particularly for natural gas) and lower domestic demand due to quarantine restrictions and uncertainty, leading to lower private consumption and investment. ICIEC’s support for this transaction enhances access to critical trade financing for approximately 50-80 SMEs. This facility also supports government policies aimed at reducing Uzbekistan’s exposure to volatile commodity prices and diversifying the range of export markets by strengthening the export potential of the private sector, particularly SMEs. The facility will help SMEs overcome specific barriers, including lack of access to financing and improving their export potential
