World News 12 October 2026 17:27 (UTC +04:00)
BAKU, Azerbaijan, October 12. 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, has provided insurance support for a EUR 500 million Sustainable Development Goal (SDG) financing facility for the Republic of Benin.
Under the transaction, ICIEC provided Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance cover for an insured principal amount of EUR 308.79 million, supporting the mobilisation of long-term financing for a portfolio of priority development projects in Benin. The transaction represents ICIEC’s first sovereign transaction in Benin of this scale, marking an important milestone in the Corporation’s engagement with the country.
The financing will support flagship initiatives under Benin’s Government Action Programme (PAG) 2021–2026 and Vision 2060 roadmap, with a focus on projects delivering environmental and social benefits across transport and road infrastructure, health, education and justice, in line with the country’s SDG Framework.
ICIEC’s insurance support strengthens the financing framework and contributes to the mobilisation of long-term funding for Benin’s sustainable development priorities. The transaction also benefits from a partial credit guarantee issued by the African Development Fund, the concessional financing arm of the African Development Bank Group. It highlights the role of multilateral cooperation and effective risk sharing in facilitating financing for high-impact development projects.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “This transaction demonstrates how effective partnerships and innovative risk-sharing structures can help mobilise long-term financing for projects with meaningful development impact. It also reflects the growing cooperation between ICIEC and the African Development Bank Group in developing solutions that can unlock financing for our common Member Countries. As ICIEC’s first sovereign transaction in Benin of this scale, it marks an important milestone in our partnership with the country. We are pleased to support the Republic of Benin in advancing priority investments across infrastructure and essential social sectors, while helping translate national development priorities into tangible and sustainable outcomes.”
The transaction reflects ICIEC’s continued commitment to supporting its Member Countries by facilitating access to financing, enabling sustainable investment and strengthening cooperation between governments, financial institutions and development partners.