The session will bring together government officials, financial institutions, export credit agencies, investors, and development partners to discuss how risk mitigation solutions can mobilize private capital, strengthen regional integration, and support sustainable growth across Azerbaijan and the wider OIC region.

With Azerbaijan’s strategic location between Europe and Asia, and its growing role in connectivity, logistics, renewable energy, infrastructure, and non-oil economic diversification, the HLPD will highlight practical opportunities for de-risked investment and cross-border cooperation. The discussion will also showcase how ICIEC’s Shariah-compliant political risk insurance and credit enhancement solutions can help address investment barriers, enhance investor confidence, and unlock financing for priority development projects.

ICIEC’s CEO, Dr. Khalid Khalafalla, stated, “This high-level panel discussion is an important platform to advance dialogue and partnerships around regional integration. Through its risk mitigation solutions, ICIEC helps turn investment opportunities into bankable projects that support trade, investment, and sustainable development across Member States.”

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The KIAD Railway is a flagship infrastructure project under Türkiye’s 12th Development Plan (2024–2028), spanning 223.9 km from Kars to Dilucu at the Turkish-Azerbaijani border and linking directly to the Kars–Tbilisi–Baku corridor. With five stations serving key districts in the Kars and Iğdır provinces, the line will become a vital segment of the Silk Road Economic Belt, strengthening the Trans-Caspian Middle Corridor as a competitive Asia–Europe freight route.

The Project is set to generate a strong economic and environmental impact by shifting freight from road to electrified rail, cutting logistics costs by an estimated 40% by 2030, enhancing supply chain efficiency, and supporting regional industries. It will employ around 3,000 workers at peak construction and stimulate broader economic activity. Its fully electrified, double-track design will also contribute significantly to Türkiye’s climate goals, reducing 498,276 tons of CO₂e annually and achieving 95% energy efficiency—placing KIAD among the region’s greenest transport initiatives.

Dr. Khalid Khalafalla, CEO of ICIEC, stated, “Thisstrategic investment reflects ICIEC’s continued commitment to supporting sustainable, high-impact infrastructure in Türkiye and across our member states. The KIAD Railway strengthens regional connectivity, advances cleaner and more efficient transport solutions, and promotes trade integration between Asia and Europe. Our participation ensures confidence for financiers and helps accelerate completion of this transformative project.”

The Project reinforces ICIEC’s mandate to promote inclusive development and integration among member countries. By enhancing freight mobility, supporting economic diversification, and contributing to Türkiye’s 2053 Net Zero vision, ICIEC’s support advances three key UN Sustainable Development Goals: SDG 8 – Decent Work and Economic Growth, SDG 9 – Industry, Innovation and Infrastructure, and SDG 11 – Sustainable Cities and Communities.

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This landmark project involves EUR 1.044 billion in non-recourse financing for the development of a 35-kilometer greenfield motorway in Istanbul Province—the final section of the Northern Marmara Motorway, a 450-kilometer corridor connecting Türkiye’s Asian and European regions. The public-private partnership is expected to significantly reduce traffic congestion, improve trade logistics, and cut commute times by up to 40 minutes.

The project aligns with multiple UN Sustainable Development Goals (SDGs), notably SDG 8 (Decent Work), SDG 9 (Infrastructure), SDG 11 (Sustainable Cities), and SDG 17 (Partnerships), by creating jobs, modernizing transport infrastructure, and fostering international cooperation.

ICIEC played a pivotal role in the financial close by offering a comprehensive risk mitigation solution, including a EUR 74 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to Standard Chartered and Deutsche Bank, and Equity Investment Insurance to Korean investors.

“This award reflects the strength of our partnership with the Government of Türkiye, our member institutions, and the private sector,” said Dr. Khalid Khalafalla, CEO of ICIEC. “We are particularly proud to have supported this project alongside other Export Credit Agencies and Multilateral Development Banks—most notably our parent institution, the Islamic Development Bank, and our sister entity, the Islamic Corporation for the Development of the Private Sector. Together, we leveraged synergies to mobilize Islamic finance and de-risk strategic infrastructure. Congratulations to all parties involved in delivering a project with lasting developmental impact.”

This transaction exemplifies ICIEC’s mission to provide innovative risk mitigation solutions that enable impactful trade and infrastructure investment across its 50 member states.

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Concluded under the Annual Meeting theme “Diversifying Economies, Enriching Lives,” the signings reinforce ICIEC’s role as a catalyst for trade and investment across its 50 Member States. They cover a wide spectrum of strategic sectors, including food‑security supply chains, reinsurance, trade finance, energy, transport, infrastructure, and investment promotion—illustrating the breadth of the Corporation’s mandate to de‑risk development projects with Shariah‑compliant insurance and reinsurance solutions.

Highlights include an inward quota‑share treaty with Algeria’s CAGEX that supports Algerian exports; partnership frameworks with Nigeria’s NEXIM Bank; and Non‑Honouring of Financial Obligations policies, backing more than EUR 518 million of structured financings arranged by Standard Chartered. These policies secure projects such as Côte d’Ivoire’s landmark Tour F government complex, Türkiye’s Nakkaş‑Başakşehir Motorway, and financing to the Eastern and Southern Africa Trade Development Bank (TDB) to support developmental projects in common member countries. A USD 40 million insurance cover supports dredging works at Oman’s expanding Sohar Port. Two insurance policies were signed with Al Baraka Bank Egypt to support funded and unfunded trade finance transactions to the tune of USD 100 million.

Held within the 13th Private Sector Forum, ICIEC’s High‑Level Panel Discussion—“Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Risk‑Mitigation Tools in Promoting Trade and Investment” convened roughly 300 high‑profile participants, including senior Algerian officials, C‑suite executives from regional and international companies, investors, and representatives of trade‑promotion agencies and development finance institutions. The session positioned Algeria as a strategic bridge between the Arab world and Africa while demonstrating how Shariah‑compliant risk‑management instruments can unlock cross‑border capital and accelerate sustainable development across member states.

Dr. Khalid Khalafalla, CEO of ICIEC, said: “These agreements epitomise ICIEC’s mission: turning risk into opportunity so our Member States can diversify their economies, fortify food and energy security, and unlock sustainable growth. By providing more than USD 700 million in Shariah‑compliant insurance and forging new partnerships with leading export‑credit agencies, we are extending ICIEC’s cumulative development impact—already over USD 121 billion in insured trade and investment—while directly supporting the Sustainable Development Goals.”

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The DCIP was signed by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr Ahmed Atteya, Head of Financial Institutions at Al Baraka Bank Egypt. This underscores the critical role of tailored risk-mitigation instruments in de-risking and enabling cross-border trade.

The insurance policy provides a comprehensive coverage for Al Baraka Bank’s documentary credit transactions by protecting the bank againt non-payment risk of overseas banks issing letters of credit (LCs). This enables to enlarge its LC confirmation business to support Egyptian exports.

Dr. Khalid Khalafalla, CEO of ICIEC, stated, “We are honored to partner with Al Baraka Bank – Egypt on this Documentary Credit Insurance Policy to de-risk Egyptian exports. This collaboration strengthens economic resilience and supports growth across our member states.”

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The MoU establishes a framework to enhance cooperation in credit insurance and reinsurance by developing new risk‑sharing schemes that enable larger trade transactions for multinational corporations operating in ICIEC Member States. It also seeks to reinforce joint underwriting capacity, introduce shared retention models, and formalise coordination through a Joint Working Group, while safeguarding confidentiality and remaining non‑binding.

Dr. Khalid Khalafalla, CEO of ICIEC, commented: “Partnering with Credendo strengthens our ability to de‑risk trade and investment flows across our member states. By combining our Shariah‑compliant risk mitigation expertise with Credendo’s global reach, we can mobilise greater capacity for transformative transactions and accelerate sustainable growth in high‑potential markets.”

Jean-Paul Steenbeke, Deputy General Manager, Head of Sales and Account Management at Credendo: “We are thrilled to celebrate our longstanding partnership with ICIEC. Together, we have supported businesses in ICIEC Member States, fostering trade growth and economic development. We look forward to continuing this successful collaboration and exploring new opportunities.”

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This pivotal event will bring together leading experts and practitioners in credit information and business intelligence to explore the role of information sharing and business intelligence in supporting trade and investment decisions across OIC member states.

The event will focus on OBIC’s vision and the importance of information sharing for trade and investment, while the Technical Sessions will address digital transformation and business intelligence trends and outlook, emphasizing topics such as the digitalization of SMEs and Investment Promotion Agencies (IPAs) services, with the examples of some platforms like the AMAN Union Database Centre. Additionally, discussions will cover the use of statistical resources for credit, trade, and investment data, along with investment outlooks in OIC countries and data collection and analysis.

Dr. Khalid Khalafalla, CEO of ICIEC, stated, “The OBIC initiative is a transformative step in strengthening the business intelligence landscape across the OIC region. It fosters enhanced information sharing and builds the capacity of member states, laying the foundation for more informed trade and investment decisions. The Jakarta event represents a significant milestone in realizing our vision to create a sustainable, data-driven ecosystem that supports the growth and development of OIC member states.”

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In his tenure within the IsDB Group, which began when he joined as a Young Professional in 2005, Dr. Khalafallah has held multiple senior roles. These include serving as ICIEC Officer-in-Charge since May 2024,   Principal Executive Assistant in the IsDB President’s Office, and contributing extensively to ICIEC’s operations in various capacities from 2007 to 2017.

Commenting on his new role, Dr. Khalid Khalafalla said:  “I am honored to serve as the Chief Executive Officer of ICIEC. It is a privilege to lead an institution that has a long-standing legacy of supporting sustainable development, facilitating trade and investment, and promoting inclusive growth in its member states. I look forward to working closely with our exceptional team, the Board of Directors, and our valued partners as we continue to advance ICIEC’s mission and amplify its positive impact in global markets.”

The Chairman of the Board of Directors congratulates Dr. Khalafalla on his appointment and extends its full support as he assumes leadership. Under his leadership, ICIEC is poised to strengthen its strategic partnerships, enhance product offerings, and reinforce its position as a global leader in facilitating secure and sustainable trade and investment flows.

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The agreement was formalized during the Annual General Meeting of the AMAN Union in Algiers, Algeria. The Agreement was signed by Dr. Khalid Khalafalla, Officer-in-charge of ICIEC, and  Ms. Nurbayu Kasim Chang, Acting President and Chief Executive Officer of MEXIM.

“We are immensely proud to enter into this pivotal Retakaful partnership with MEXIM,” stated Dr. Khalid Khalafalla, Officer-in-charge of ICIEC. “This alliance significantly enhances our collective capabilities in providing comprehensive trade credit risk takaful and reaffirms our steadfast commitment to facilitating sustainable economic growth across our member states. By integrating our resources and expertise, we aim to elevate the confidence of exporters and investors on a global scale, all while maintaining strict adherence to Shariah principles.“

Ms. Nurbayu said: “It is our privilege to partner with ICIEC in this collaborative Retakaful initiative. By leveraging ICIEC’s underwriting capacity, we are better positioned to safeguard Malaysian exporters against the uncertainties of commercial and political risks, particularly in exploring emerging and non-traditional markets.  MEXIM  is committed to fostering the growth of Malaysian exporters and currently offers tailored financial solutions and comprehensive coverage options facilitating business transactions in more than 50 countries across five continents. Hence, as a member of AMAN Union, this collaborative initiative with ICIEC will create stronger synergies, enabling comprehensive export protection to Malaysian exporters.”

This strategic partnership aims to bolster the global trade ecosystem by providing enhanced risk mitigation solutions for international trade. The Quota Share Retakaful Agreement allows both institutions to share risks more effectively, promoting financial stability and fostering increased trade and investment activities on a global scale.

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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.

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