BAKU, Azerbaijan, October 12. The Islamic
Corporation for the Insurance of Investment and Export Credit
(ICIEC), a Shariah-based multilateral insurer and member of the
Islamic Development Bank Group, has provided insurance support for
a EUR 500 million Sustainable Development Goal (SDG) financing
facility for the Republic of Benin.


Under the transaction, ICIEC provided Non-Honouring of Sovereign
Financial Obligations (NHSFO) insurance cover for an insured
principal amount of EUR 308.79 million, supporting the mobilisation
of long-term financing for a portfolio of priority development
projects in Benin. The transaction represents ICIEC’s first
sovereign transaction in Benin of this scale, marking an important
milestone in the Corporation’s engagement with the country.


The financing will support flagship initiatives under Benin’s
Government Action Programme (PAG) 2021–2026 and Vision 2060
roadmap, with a focus on projects delivering environmental and
social benefits across transport and road infrastructure, health,
education and justice, in line with the country’s SDG
Framework.


ICIEC’s insurance support strengthens the financing framework
and contributes to the mobilisation of long-term funding for
Benin’s sustainable development priorities. The transaction also
benefits from a partial credit guarantee issued by the African
Development Fund, the concessional financing arm of the African
Development Bank Group. It highlights the role of multilateral
cooperation and effective risk sharing in facilitating financing
for high-impact development projects.







Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said:
“This transaction demonstrates how effective partnerships and
innovative risk-sharing structures can help mobilise long-term
financing for projects with meaningful development impact.
It also reflects the growing cooperation between ICIEC and the
African Development Bank Group in developing solutions that can
unlock financing for our common Member Countries. As
ICIEC’s first sovereign transaction in Benin of this scale, it
marks an important milestone in our partnership with the country.
We are pleased to support the Republic of Benin in advancing
priority investments across infrastructure and essential social
sectors, while helping translate national development
priorities into tangible and sustainable
outcomes.”


The transaction reflects ICIEC’s continued commitment to
supporting its Member Countries by facilitating access to
financing, enabling sustainable investment and strengthening
cooperation between governments, financial institutions and
development partners.