ICIEC Extends EUR232 Million Insurance Policy to Bank Consortium Led by Standard Chartered Bank to Support Financing for Côte D’Ivoire’s Landmark “Tour F” Development

ICIEC signed an endorsement to the NHSFO policy with a consortium of banks led by Standard Chartered (Hong Kong) Limited. The endorsement supports an additional EUR 130 million Murabaha facility to the Ministry of Finance and Budget of the Republic of Côte d’Ivoire, building on the initial EUR 102 million previously insured by ICIEC. With this uplift, the total value of the insured Murabaha facility now stands at EUR232 million. The endorsement policy was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Sujithav Sarangi, Executive Director, Development and Agency Finance at Standard Chartered on the sidelines of the 2025 IsDB Group Annual Meetings in Algiers in May 2025.

Under the arrangement, ICIEC’s NHSFO policy covers the participating financial institutions with robust credit enhancement. The proceeds will fund the construction of “Tour F”—a flagship government office tower within Abidjan’s new Administrative City, designed to modernize public sector infrastructure and improve public service delivery across Côte d’Ivoire.

Dr. Khalid Khalafalla, CEO of ICIEC, commented: “This policy exemplifies how ICIEC’s risk mitigation solutions unlock affordable, Shariah compliant capital for transformational public projects. Through this, ICIEC is supporting Côte d’Ivoire to realise a state of the art administrative hub that will boost efficiency, stimulate the local construction sector, and advance the country’s development agenda in line with the UN SDGs.”

Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered added: “This collaboration with ICIEC is testament to our shared commitments to impact and advancement. We are thrilled to combine our expertise, and continue our long-standing partnership, with ICIEC to support this significant development in Côte d’Ivoire.”