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, signed a Non‑Honouring of Financial Obligations for Multilateral Development Banks (NHFO‑MDB) policy to secure a $270 million (EUR250 million) financing package arranged by Standard Chartered.
ICIEC’s NHFO‑MDB policy insures the financing provided by Standard Chartered (Hong Kong), Standard Chartered (Kenya), and DZ Bank to the Eastern and Southern African Trade and Development Bank (TDB).
The funds will support an eligible portfolio of infrastructure, energy, and trade‑finance initiatives in six common member states of ICIEC and TDB—Mozambique, Uganda, Comoros, Djibouti, Egypt, and Senegal—by providing credit enhancement to the lenders and thereby unlocking critical capital for high‑impact projects.
“By providing ICIEC’s NHFO-MDB insurance cover to this landmark facility, we are doing more than mitigating risk—we are fast‑tracking development. Such facility empowers TDB to accelerate infrastructure, energy, and trade projects that will light homes, connect markets, and create dignified jobs across six of our common member states. It is a clear demonstration of how Islamic finance can mobilize private resources for inclusive, sustainable growth.”
Sujithav Sarangi, Executive Director, Development and Agency Finance, Standard Chartered said that, “We are proud to partner with ICIEC on yet another impactful project. The success of this project is rooted in the significant, and tangible, benefits this development will bring. Our enduring partnership with ICIEC exemplifies our shared mission to drive meaningful impact in the communities and markets we support.”
The transaction underscores ICIEC’s commitment to deploying innovative risk‑mitigation solutions that advance the IsDB Group’s objective of fostering inclusive, resilient, and sustainable development across its member countries.
