ICIEC Provides €500 Million in Insurance Coverage to Benin
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, has provided €500 million in insurance coverage to the Republic of Benin against the risk of default on sovereign financial obligations, with an insured principal amount of €308.79 million.
The support has helped secure long-term funding for a range of priority development projects in Benin, contributing to the achievement of the Sustainable Development Goals (SDGs) and marking a milestone in ICIEC's operations in the country.
The funding will support key initiatives under Benin's Government Action Program for 2021–2026 and its "Vision 2060" roadmap, focusing on projects with environmental and social benefits in the transport, road infrastructure, health, education, and justice sectors, in line with the country's national SDG framework.
The insurance coverage strengthens the financing framework and helps mobilize long-term resources for Benin's sustainable development priorities. The transaction is also backed by a partial credit guarantee issued by the African Development Fund, the concessional financing arm of the African Development Bank Group, highlighting the important role of multilateral cooperation and risk-sharing in facilitating financing for high-impact development projects.
