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
ALGIERS, Algeria, May 23, 2025/APO Group/ --
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (www.ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, today 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 Nakkaş‑Başakşehir Motorway Project in Türkiye.

Dr. Khalid Khalafalla, CEO of ICIEC and Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered (1)

Dr. Khalid Khalafalla, CEO of ICIEC and Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered (2)
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.
Dr. Khalid Khalafalla, CEO, ICIEC, said: “ICIEC is proud to bolster strategic infrastructure in Türkiye by de‑risking this Shariah‑compliant financing for the Nakkaş‑Başakşehir Motorway. Our NHSFO policy support enables Standard Chartered to channel essential long‑term capital into a project that will enhance connectivity, spur economic activity, and create jobs. This transaction exemplifies ICIEC’s mission to mobilize sustainable investment for our member states and to strengthen partnerships that drive inclusive growth.”
Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered says: “We are thrilled to have played our part in this pivotal infrastructure project, which will enhance connectivity and establish efficient links between key destinations on the European side of Türkiye. Our participation in this project is a reflection of our commitment to driving growth in Türkiye and the strength of our partnership with ICIEC across the markets we serve. Standard Chartered acted as Sponsors Financial Advisor, Mandated Lead Arranger, ICIEC/ECA Covered Creditor, ICIEC Covered Tranche Investment Agent, Offshore Security Agent and Hedging Bank.”
Spanning the European side of Istanbul, the Nakkaş‑Başakşehir Motorway will reduce congestion, cut travel times, and improve logistics efficiency—benefits expected to ripple across Türkiye’s trade corridors and manufacturing hubs. By complementing its existing Political Risk Insurance (PRI) cover to equity investors, ICIEC delivers a comprehensive risk‑mitigation package that promotes bankability, crowds in private capital.
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
More needs to be done for the Youths insha'allah.
It does not cost anything to give them structure and discipline only the creation of the opportunity to serve their country and gain livelong skills.
I think Somaliland has been getting weaker day after day since Silanyo came to power about two years ago:
1… BERBERA is totally being run by one sub-clan (Isse Muse) and never obey what the president orders (refer Cement Factory case when the president issued orders for Dahabshiil Group but Isse Muse' malitia vetoed the presidential decree and tore up the letter signed by the president into small pieces.
2.. Local Council elections were rigged and until now there are civil strife in parts of the country.
3. HARGAISA STADIUM was captured ARAB (SUB-CLAN of ISAAQ) malitia and worlords who want money from the Government THUS POSTPONEMENT OF PROVINCES TOURNAMENT (DUE TO MID JANUARY 2013) POSTPONED TO JUNE OR UNTIL FURTHER NOTICE.
These things and flying of some politicians to Mogadishu indicate that Somaliland project may be wrapped up soon.
Is this the latest information from the darood HQ in garowe.
SiyaasiOne, shut up with the clan talk. Somaliland is a work in process, but using tribe talk only shows your anti somaliland views. You must be from Puntland.
Healthy bodies, Healthy minds. Onwards and upwards on the youth front. More opportunities, more employment.