ALGIERS, Algeria, May 22. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, has announced the signing of a EUR 37 million Non‑Honoring of Sovereign Financial Obligations (NHSFO) policy in support of an Islamic financing facility provided by Standard Chartered for the landmark Nakkaş‑Başakşehir Motorway Project in Türkiye, Trend’s special correspondent reports.
The policy was signed on the sidelines of the IsDB Group Annual Meetings 2025 in Algiers by Dr. Khalid Khalafalla, CEO of ICIEC, together with Mr. Puneet Sharma, Executive Director, Development & Agency Finance, Standard Chartered.
Spanning the European side of Istanbul, the Nakkaş‑Başakşehir Motorway will reduce congestion, cut travel times, and improve logistics efficiency—benefits expected to ripple across Türkiye’s trade corridors and manufacturing hubs. By complementing its existing Political Risk Insurance (PRI) cover to equity investors, ICIEC delivers a comprehensive risk‑mitigation package that promotes bankability, crowds in private capital.