How ICIEC Earned the Title of “Insurance Adviser of the Year – Africa” Through Sustainable Development Efforts

LONDON:  The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group is proud to announce its recognition as the “Insurance Adviser of the Year – Africa” at the prestigious IJInvestor Awards 2024. This honor highlights ICIEC’s role in advancing impactful initiatives that drive sustainable development and improve lives across Africa.

The award acknowledges ICIEC’s pivotal contributions to two transformative projects. In Côte d’Ivoire, ICIEC partnered with AfDB to provide €194 million in insurance support for financing ESG projects. The facility will fund initiatives in renewable energy, education, pollution control, biodiversity conservation, health infrastructure, and sustainable water management, aligning with Côte d’Ivoire’s Sustainable Framework.

In Senegal, ICIEC and Standard Chartered signed a €103 million insurance agreement to support the government’s initiative to install 50,000 off-grid solar streetlamps in rural areas. This milestone advances renewable energy adoption, enhancing safety, boosting economic activities, and reducing carbon emissions while improving life quality in rural communities.

Commenting on the recognition, Dr. Khalid Khalafalla, Officer-in-Charge of ICIEC, said: “This award underscores ICIEC’s commitment to enabling development that transforms lives and builds resilience in our member states. By facilitating innovative and impactful projects, we reaffirm our dedication to advancing sustainable growth and achieving the UN Sustainable Development Goals.”

This milestone reflects ICIEC’s leadership in leveraging Shariah-compliant insurance to catalyze development and empower member states to create lasting positive change.