The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) and Standard Chartered Partner for a Transformative Solar Electrification Project in Senegal


On the COP 28 occasion within the United Arab Emirates, a big partnership was solid by means of the signing of a Non-Honoring of Sovereign Monetary Obligation (NHSFO) settlement between The Islamic Company for the Insurance coverage of Funding and Export Credit (ICIEC) (, a multilateral credit score and political threat insurer and a member of the IsDB Group and Normal Chartered, a number one worldwide cross-border financial institution. This pivotal settlement represents a significant step in sustainable improvement and can assist the funding of a key mission for the Senegal authorities’s Ministry of Finance aimed toward procuring and installing50,000 off-grid photo voltaic powered streetlamps throughout Senegal’s rural areas signifying substantial progress within the nation’s pursuit of renewable power.

The settlement was formally signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sunil Kaushal, CEO of Normal Chartered, Africa and the Center East. This formidable mission, valued at EUR 103 million, goals to harness photo voltaic power to energy streetlights throughout Senegal’s rural areas, enhancing the standard of life, and supporting financial actions reliant on constant power entry. It guarantees enhanced security and safety by means of well-lit streets, extending enterprise hours, encouraging neighborhood gatherings, and fostering native financial development. Environmentally, the mission underscores the significance of decreasing carbon emissions and adopting eco-friendly power practices.

Reflecting on the settlement, the CEO of ICIEC acknowledged, “Our collaboration with Normal Chartered for the photo voltaic streetlight mission in Senegal is a testomony to our dedication to sustainable improvement in our member states. This initiative isn’t just about illuminating streets; it’s about empowering communities, enhancing security, and sparking financial development in rural areas. By harnessing the ability of photo voltaic power, we’re taking a big step in direction of power independence and safety in Senegal, aligning completely with Sustainable Improvement Targets 7, 11, 10, and 17.”

Mr. Sunil Kaushal, CEO of Normal Chartered Africa and Center East, stated, “Our continued partnership with ICIEC has supported strategic infrastructure tasks in Senegal, making it the primary Inexperienced Mortgage supplied by the Financial institution to the Republic. The set up of solar-powered streetlamps will uplift the lives of native communities whereas supporting the Senegalese authorities’s local weather targets. The Financial institution will proceed to drive the event of the AME area by figuring out financing alternatives for key infrastructure tasks throughout a variety of sectors” highlighted”

Distributed by APO Group on behalf of Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).

Media Contact:
Mrs. Rania Binhimd
Communication Division

For additional info, please contact:
Wasim Ben Khadra
Regional Head of Communications
Africa&Center East Normal Chartered

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About The Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC):
ICIEC commenced operations in 1994 to strengthen financial relations between OIC Member States, promote intra-OIC commerce, and facilitate investments by offering threat mitigation instruments and monetary options. The Company is uniquely the one Islamic multilateral insurer on this planet. It has delivered a complete suite of options and providers to the private and non-private in its 49 Member States and globally. The merchandise’ suite contains Documentary Credit score Insurance coverage Cowl, Credit score Insurance coverage Cowl, Financial institution Grasp Coverage, Non-Honouring of Sovereign Monetary Obligation, and Funding Insurance coverage Merchandise. ICIEC has maintained for 15 consecutive years an “Aa3” insurance coverage monetary power credit standing from Moody’s, rating the Company among the many prime of the Credit score and Political Danger Insurance coverage (CPRI) Business. ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and threat administration insurance policies. Cumulatively, ICIEC has insured greater than US$ 100bn in commerce and funding directed to particular sectors – power, manufacturing, infrastructure, healthcare, and agriculture.

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About Normal Chartered Financial institution:
We’re a number one worldwide banking group, with a presence in 52 of the world’s most dynamic markets and serving purchasers in an extra 64. Our objective is to drive commerce and prosperity by means of our distinctive variety, and our heritage and values are expressed in our model promise, right here for good.

Normal Chartered PLC is listed on the London and Hong Kong Inventory Exchanges.

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