Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Issues EUR 37 Million Insurance Policy Backing Islamic Financing for Türkiye's Nakkaş-Başakşehir Motorway

Strategic Insights -

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has announced the signing of a EUR 37 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy in support of an Islamic financing facility provided by Standard Chartered for the landmark Nakkas-Basaksehir Motorway Project in Türkiye. The policy was signed on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered. This transaction exemplifies ICIEC's mission to mobilize sustainable investment for its member states and to strengthen partnerships that drive inclusive growth.

Key Takeaways:

  • ICIEC issued a EUR 37 million NHSFO policy to support Islamic financing for the Nakkas-Basaksehir Motorway Project in Türkiye.
  • The policy was signed at the IsDB Group Annual Meetings 2025 in Algiers by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered.
  • The project aims to enhance connectivity, spur economic activity, and create jobs on the European side of Istanbul.
  • ICIEC's NHSFO policy complements its existing Political Risk Insurance (PRI) cover to equity investors, promoting bankability and attracting private capital.
  • ICIEC delivered a comprehensive risk-mitigation package that benefits trade corridors and manufacturing hubs in Türkiye.
  • ICIEC has insured more than USD 121 billion in trade and investment, highlighting its resilience in the market.
  • The Corporation has been assigned ratings of "Aa3" from Moody's and "AA-" by S&P, solidifying its position in the Credit and Political Risk Insurance Industry.

Statistics:

  • EUR 37 million: The amount of the NHSFO policy issued by ICIEC for the Nakkas-Basaksehir Motorway Project.
  • 2025: The year in which the IsDB Group Annual Meetings were held in Algiers, where the policy was signed.
  • 121 billion: The cumulative amount of USD in trade and investment insured by ICIEC.
  • 17: The number of consecutive years ICIEC has maintained an "Aa3" insurance financial strength credit rating from Moody's.
  • 2: The sectors benefiting from ICIEC's activities, in addition to its primary sectors of focus.

Sources:

  • M2 PRESSWIRE - May 23, 2025
  • Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)