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).
Well when the USA and the Western world attempts to dress up yet another hapless NGO thief as a Legitimate President when it was broad day light theft with which he ascended to the head of State. Hassan Mahamoud bought 190votes out of a total of 271 on the night he was SELECTED by former warlords, Diaspora community and former cells of Union of Islamic courts(aka Shabab). The Damu Jadiid group to which Mr Hassan Mahamoud belongs has a non aggression pact with Shabab or else how did a man that never left the country in the 22years of conflict managed to survive let alone get rich siphoning food aid intended for orphans???
Shiek Sharif had his dialogue and agreements with Shabab and so does Hassan Mahamoud. Damu Jadiid[New blood] is merely the diplomatic wing of Shabab and the world is supposed to believe shabab's actions are independent. Shabab is the reminder to the international community that there is still trouble in paradise muuqdishu.
1. Hassan Mahamoud's government is NOT reaching out to create an all inclusive politically representative environment. In fact he is deliberately alienating the Majority within his country(Somalia-Italia). From puntland, Galmudug, Hiraan, Banaadir to Jubaland he is polarizing this poor nation that represents the Road-Map signatories he is neglecting the same constitution that SELECTED him into office as head of Somalia-Italia.
2. Hassan Mahamoud has totally neglected the action points of the London conference of 2012. The international community some 54-countries made a solemn promise to support and finance "any dialogue between Somaliland & the TFG/or who ever replaces them so that the two countries can reach a decision on their future working relationship. Hassan Mahamoud's government has taken it upon themselves to believe they can side step this solemn promise from 54-countries. Hassan Mahamoud assumes since USA has given his road-Map government recognition that this recognition is permanent and cannot be withdrawn or even transferred to a more appropriate government chosen y it's people.
3. Hassan Mahmoud has 1.5million people in and around muuqdishu that totally depend on Food aid to remain alive. He is far from a position to address the large numbers of his population that are in Yemen, Dadaab and Dollo Ado to name a few.
4. Hassan wishes to side step the same constitution that ascended him to head of state via a SELECTION process. 75% of the Road-Map signatories have been sidelined and Hassan intends to further alienate them for the political arena. Puntland, Galmudug and ASWJ makeup 75% of the Road-map signatories and they have lost all faith in this Road-Map that they designed since hassan ignores the Road-Map constitution altogether.
Is this what the USA was recognizing? They have created a Frankenstein President and for what purpose???
– It is not him uprooting Shabab no that privilege belongs to Amisom he merely takes credit inappropriately. Mission costing $650Million/year.
– It is not him Stopping Piracy for that privilege belongs to the various international naval vessels in the region in a mission costing $6Billion/year.
– It is not him housing , feeding and caring for 1.5milion idps in Muuqdishu let alone the 1.27million refigees in Dadaab, dollo Ado, yemen, Somaliland, Djibouti to name a few neighboring countries hosting the bulk of Hassan Mahamoud's population.
What did the USA Recognize then since there i no fixed population, no territorial control, no visible restriction of Kenyan and Ethiopian violations of borders as such no sovereignty to speak of???
The Recognition was of a Man like upon the the Naked King… Who awaits a brave child to remind the world that this make believe KING is truly NUDE…
Hassan you are Nude and May Shabab be that child that proves your nudity in Leadership as much as you have in in personality.
Folks..under the Alshabab pictures there is a grey moustached guy who carries *ever been arrested*
can anybody tell us what he is upto? Pretty scary formidable guy? Where is Kayse and his cohorts?
Cheers.
hahahahaha Which one are u talking about? the xine-headed dude next to the guy with the glasses… I think they're all scary, whoever took this photo was in great danger….
All scary eh! I wonder how civilians feel when they are under the rule of these men.
look at their faces acting all religious when they're actually paedophiles… LOOL
I think this new Somalia president is alright, anyone that has dhadhood protesting is good for all other Somali clans period. Can I get an Amen!
shabaab is unacceptable und ha to be iliminated, this strict way of practice the sharia right is only an pretext
to torture the poor people of somalia. they take children for suicide attacks, disgusting !! What has this to do
with Koran ??? Nothing !!There are animals !! No one will them.The US, AU , AMISOM have to stand and fight
together to kick them out of the country.Freedom for everybody this war terror-war must end !
shabaabis an barbarique terror group and it is really time to get them out of the country to bring the people peace and bread.there are as weak than never to be defeedet.The people must stay together with the government and the AU and AMISOM. It is a shame for the islam and so far from the holy Koran what those
Terrorists do since years and years!!Why Godane bring into Somalia as much foreign fighters ?? There have
nothing to do in Somalia that is why Aweyes has left the group..Where is Godane Where is Ali Dheere ???
Hiding under the civilians??