ICIEC’s NHFO‑MDB policy insures the financing provided by Standard Chartered (Hong Kong), Standard Chartered (Kenya) and DZ Bank to the Eastern and Southern African Trade and Development Bank (TDB)
ALGIERS, Algeria, May 23, 2025/APO Group/ --
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today signed a Non‑Honouring of Financial Obligations for Multilateral Development Banks (NHFO‑MDB) policy to secure a EUR250 million financing package arranged by Standard Chartered.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered Bank (1)
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered Bank (2)
The agreement, concluded on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers, was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC and Mr. Sujithav Sarangi, Executive Director, Development & Agency Finance at Standard Chartered Bank.
ICIEC’s NHFO‑MDB policy insures the financing provided by Standard Chartered (Hong Kong), Standard Chartered (Kenya) and DZ Bank to the Eastern and Southern African Trade and Development Bank (TDB). The funds will support an eligible portfolio of infrastructure, energy and trade‑finance initiatives in six common member states of ICIEC and TDB—Mozambique, Uganda, Comoros, Djibouti, Egypt and Senegal—by providing credit enhancement to the lenders and thereby unlocking critical capital for high‑impact projects.
Dr Khalafalla said, “By providing ICIEC’s NHFO-MDB insurance cover to this landmark facility, we are doing more than mitigating risk—we are fast‑tracking development. Such facility empowers TDB to accelerate infrastructure, energy and trade projects that will light homes, connect markets and create dignified jobs across six of our common member states. It is a clear demonstration of how Islamic finance can mobilize private resources for inclusive, sustainable growth.”
Sujithav Sarangi, Executive Director, Development & Agency Finance, Standard Chartered says: “We are proud to partner with ICIEC on yet another impactful project. The success of this project is rooted in the significant, and tangible, benefits this development will bring. Our enduring partnership with ICIEC exemplifies our shared mission to drive meaningful impact in the communities and markets we support.”
The transaction underscores ICIEC’s commitment to deploy innovative risk‑mitigation solutions that advance the IsDB Group’s objective of fostering inclusive, resilient and sustainable development across its member countries.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
