Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Signs a €36m Sovereign Non-payment Insurance with Société Générale and Standard Chartered Bank (Hong Kong) Ltd to Cover Various Infrastructure Projects

Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Signs a €36m Sovereign Non-payment Insurance with Société Générale and Standard Chartered Bank (Hong Kong) Ltd to Cover Various Infrastructure Projects

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.IsDB.org), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of additional €36 million uplift to the existing €146 million Non-Honouring Sovereign Financial Obligation (NHSFO) Insurance Policy with Standard Chartered Bank (UK) Ltd, Standard Chartered Bank (Hong Kong) Ltd and Société Générale. This provides comprehensive coverage to the financiers regarding the non-payment risks of the Republic of Uganda for the funding of infrastructure projects under the Development and Infrastructure Budget 2022 of Uganda.

The signing ceremony was held at the Ritz Carlton Hotel in Jeddah, Saudi Arabia, on the sideline of the IsDB Group Annual Meeting, by Mr. Oussama Kaissi, CEO of ICIEC, Mr. Sujithav Sarangi, Executive Director, Structured Export Finance, Standard Chartered bank; and Mr. Yves Jacob, Managing Director and Head of Public Sector Finance, Société Générale.

ICIEC’s intervention enabled the additional investment of €36 million by Standard Chartered Bank (Hong Kong) to finance government projects in several sectors. The NHSFO Insurance Policy of ICIEC provides comprehensive coverage to financiers regarding the non-payment risks of sovereign obligors. The €36 million is a top-up under the accordion mechanism of the