THE ISLAMIC CORPORATION FOR THE INSURANCE OF INVESTMENT AND EXPORT CREDIT (ICIEC) WINS TWO PROJECT FINANCE INTERNATIONAL (PFI) AWARDS
[February 6, 2019, London, United Kingdom] The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) won two prestigious awards at the Project Finance International (PFI) Awards, hosted in London on February 6th, 2019. The PFI awards are one of the most distinguished events in global project finance, bringing together the world’s project finance industry to celebrate excellence.
PFI Award: Middle East Clean Energy Deal of the Year – Sharjah WtE Project
The Sharjah waste-to-energy (WtE) project is the first WtE scheme to be financed in the Gulf region as the Gulf states move away from landfills to more environmentally friendly disposal solutions. The project, led by UAE clean energy firms Masdar and Bee’ah, will help Sharjah reach its zero waste to landfill target by 2020 and contribute to the UAE’s 2021 goal of diverting 75% of solid waste from landfill. ICIEC provided cover for the project’s construction financing, working in partnership with fellow financial institutions SMBC, Siemens Bank, Abu Dhabi Commercial Bank, Abu Dhabi Fund for Development and Standard Chartered.
Turkish Deal of the Year – Çanakkale 1915 Bridge
This award recognizes Turkey’s most significant project finance deal in recent history and one of the most high-profile construction projects ever undertaken in the country. The Canakkale project consists of an 88km three-lane motorway, 48km of connection roads, and the €1.68bn bridge, which will span 2,023m, making it the world’s longest once completed. ICIEC provided various levels of insurance cover, in partnership with several other export credit agencies.
Chief Executive Officer of ICIEC, Mr. Oussama Kaissi, thanked the PFI organizers and project collaborators, saying “It is truly an honor for all of us at IC
IEC to receive this international recognition.” He continued with congratulating the other award winners, saying “I am delighted that ICIEC and our partners had the opportunity to shape two landmark transactions that serve both the economy and the environment.”
About ICIEC
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development (IsDB) Group. The driving ambition behind the creation of ICIEC was to strengthen the economic relations between member countries of the OIC on the basis of Islamic Shariah. The ICIEC vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in Member Countries. Its mission is to facilitate trade and investment between member countries and the world through Sharia-compliant risk mitigation tools.