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The Islamic Investment and Export Credit Insurance Corporation (ICIEC), a member of the Islamic Development Bank (IsDB) group, has signed two de-risking agreements covering infrastructure projects in Bahrain, UAE and Uganda member states.
The agreements were signed during the 2023 annual meeting of the Islamic Development Bank Group (IsDB) in Jeddah last week. The following details were shared in a press statement issued by the ICIEC:
contract frustration policy
Signed two Contract Setback Insurance Policies (STP-CF) with Netherlands-based Boskalis Westminster Contracting Limited (BWCL) for dredging projects in Bahrain and UAE. The STP-CF protects contractors building critical infrastructure in ICIEC member countries from commercial and non-commercial risks in the country of the project employer.
The $11 million Bahrain STP-CF covers marine works for the Bandar Al-Sayah and Danat Al-Sayah developments, including storage works in East and West Trah.
The USD 25 million UAE STP-CF covers marine and dredging works for the Hudayriyat project in Abu Dhabi. The coverage offered by ICIEC is to insure against the risk of non-payment by the National Marine Dredging Company (NMDC) due to political and commercial risks.
Non-Helping Sovereign Financial Obligations (NHSFO) Policy
Signed with Standard Chartered Bank (UK) Limited, Standard Chartered Bank (Hong Kong) Limited and Société Générale for an additional EUR 36 million on top of an existing EUR 146 million non-accepting sovereign financial obligation (NHSFO) insurance policy.
This covers the risk of non-payment by the Ugandan government to fund infrastructure projects under the country’s 2022 development and infrastructure budget.
The 36 million euros is in addition to the 146 million euros advanced to the Ugandan Ministry of Finance, Planning and Economic Development under the Islamic Finance Accordion Mechanism covering various projects in agriculture, climate action, education, healthcare, electricity infrastructure, transport and water infrastructure .
Memorandum of Understanding (MoU) with Arab Contractors (AC) Egypt.
The MoU aims to provide an overarching framework to facilitate collaboration between ICIEC and Arab Contractors (AC) in promoting green, resilient and sustainable infrastructure. It will also focus on intermodal transport, social infrastructure, urban development and water sanitation; agriculture and rural development and ICT and digitalization in Egypt and other ICIEC member countries.
(Writing by Senthil Palanisamy; Editing by Anoop Menon)
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