Dakar: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank Group, is pleased to announce that an ICIEC-supported highway project in Senegal has won two prestigious Islamic Finance News (IFN) Awards. The awards were given for the IFN Sovereign and Multilateral Deal of the Year 2024 for the Republic of Senegal EUR Tawarruq Financing, and the IFN Africa Deal of the Year 2024 for the same project.
According to Saudi Press Agency, these accolades acknowledge ICIEC's significant role as the guarantor of the Islamic finance tranche for the EUR 259 million Murabaha facility extended by Soci©t© G©n©rale. The facility, provided under ICIEC's non-honoring of a sovereign financial obligation insurance policy, supports the construction of crucial road projects in Senegal, including the Dakar-Tivaouane Highway and the expansion of the Cyrnos-Seven Up Road.
The Takaful cover agreement highlights ICIEC's dedication to facilitating impactful infrastructure projects that promote economic growth, regional connectivity, and sustainable development. By reducing travel times, cutting carbon emissions, and improving the movement of goods, these road projects aim to elevate Senegal's transport infrastructure and enhance local communities' quality of life. They are also expected to generate significant employment opportunities both during and after construction.
ICIEC's chief executive, Dr. Khalid Khalafalla, expressed honor at receiving the two distinguished IFN awards for the highway and road project in Senegal. He noted that the recognition reaffirms ICIEC's commitment to delivering Sharia-compliant risk mitigation solutions that encourage economic transformation and resilience in member states. Dr. Khalafalla emphasized the importance of strategic partnerships in fostering sustainable development and improving lives.
As part of its mission, ICIEC continues to act as a catalyst for socioeconomic progress in the Organization of Islamic Cooperation countries. By leveraging innovative insurance and credit enhancement tools, ICIEC remains committed to supporting member states in their journeys toward prosperity and well-being.