ICIEC-Supported Senegal Highway Project Wins Two Prestigious IFN Awards for 2024

With a firm dedication to supporting infrastructure, trade, and investment, ICIEC will persist in fostering impactful projects that align with global development goals, reinforcing its position as a catalyst for progress across the Islamic world.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, proudly announces that a transformative highway project in Senegal, supported by ICIEC, has been honored with two distinguished Islamic Finance News (IFN) Awards 2024:

• IFN Sovereign & Multilateral Deal of the Year 2024 – Republic of Senegal EUR Tawarruq Financing
• IFN Africa Deal of the Year 2024 – Republic of Senegal's EUR Tawarruq Financing

These accolades recognize ICIEC's pivotal role as the Guarantor of the Islamic Finance Tranche for a landmark EUR 259 million Murabaha facility extended by Société Générale. The financing, secured under ICIEC's Non-Honouring of a Sovereign Financial Obligation (NHSFO) insurance policy, is set to drive key infrastructure advancements in Senegal, including the Dakar-Tivaouane Highway and the expansion of the Cyrnos-Seven Up Road.

A Milestone for Senegal's Infrastructure Development

The recognition of this project underscores its significance in enhancing regional connectivity and economic growth. By expediting travel times, reducing carbon emissions, and improving the transportation of goods and services, these road developments will not only transform Senegal's infrastructure but also foster economic integration across West Africa. The project is expected to create thousands of jobs, both during the construction phase and through long-term economic benefits.

Dr. Khalid Khalafalla, CEO of ICIEC, expressed his gratitude for the awards, stating:

"We are truly honored that this critical infrastructure project in Senegal has been acknowledged with these two prestigious IFN awards. This recognition affirms ICIEC's unwavering commitment to providing Shariah-compliant risk mitigation solutions that catalyze economic transformation and strengthen the resilience of our member states. Furthermore, it highlights the importance of strategic collaborations in achieving sustainable development and enhancing the quality of life for local communities."

ICIEC's Commitment to Sustainable Development

As a key enabler of economic progress in Organization of Islamic Cooperation (OIC) countries, ICIEC remains steadfast in its mission to drive socioeconomic development through innovative insurance and credit enhancement solutions. By de-risking essential projects and mobilizing private sector investments, ICIEC continues to empower member states to achieve prosperity, sustainability, and long-term financial stability.

With a firm dedication to supporting infrastructure, trade, and investment, ICIEC will persist in fostering impactful projects that align with global development goals, reinforcing its position as a catalyst for progress across the Islamic world.

For more information about ICIEC and its role in enabling sustainable economic growth, visit: www.ICIEC.IsDB.org