The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), headquartered in Saudi Arabia, has reached a significant insurance agreement with Société Générale S.A., a French financial services provider. The agreement, focused on a Non-Honouring of a Sovereign Financial Obligation insurance policy, covers a 259 million euros ($278.6 million) Murabaha financing facility extended by Société Générale for infrastructure projects in Senegal. These projects, including the Dakar-Tivaouane highway and the Cyrnos-Seven Up road expansion, aim to enhance transportation networks, fostering economic growth and regional connectivity.
The insurance agreement between ICIEC and Société Générale supports Senegal's infrastructure development by mitigating financial risks associated with the projects. The Dakar-Tivaouane and Cyrnos-Seven Up road projects, upon completion, are expected to reduce travel time, facilitate smoother transportation of goods and services, and stimulate economic activities in the region. This collaboration underscores ICIEC's commitment to fostering economic resilience and transformation within the Islamic world, contributing to the prosperity and well-being of member states through risk mitigation tools and financial solutions.