The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, is pleased to announce its support for the financing of the Lagos–Calabar Coastal Highway – Phase II in Nigeria, committing a total insured amount of USD 626 million in support of one of the country’s most strategically significant transport infrastructure projects. The agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.
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The transaction is backed by ICIEC’s Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance policy, structured in favour of First Abu Dhabi Bank as the policyholder, with the Federal Ministry of Finance of Nigeria acting as the borrower. The policy provides 95% coverage across two tranches: USD 276 million with a 7-year tenor, and USD 350 million with a 9-year tenor. By mitigating sovereign risk, ICIEC’s participation plays a critical role in facilitating access to long term international financing and ensuring the successful implementation of this landmark infrastructure project.
The Lagos–Calabar Coastal Highway Project is a key component of Nigeria’s broader infrastructure development agenda. Upon completion, the project will significantly enhance regional integration and mobility, enabling more efficient movement of goods and people across the country’s coastal regions, thereby catalysing economic activity, reducing logistics costs, and strengthening supply chains.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Through this transaction, ICIEC is demonstrating the practical value of Shariah-compliant risk mitigation in advancing large-scale development projects. Our support helps bolster lender confidence, mobilise long-term financing, and enable Nigeria to move forward with this strategic infrastructure investment that will strengthen connectivity and support socioeconomic progress.”
Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Contact:
Email: ICIEC-Communication@isdb.org
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About ICIEC:
As a member of the rated Islamic Development Bank (IsDB) Group, ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and Shariah-compliant financial solutions. The Corporation is the only Islamic multilateral insurer in the world. ICIEC has led in delivering a comprehensive suite of solutions to companies and stakeholders across its 51 Member States. For the 18th consecutive year, ICIEC maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top tier of the Credit and Political Risk Insurance (CPRI) industry. Additionally, S&P has reaffirmed ICIEC’s “AA-” long-term Issuer Credit and Financial Strength Rating for the third consecutive year, with a Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting practices, a robust global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 138 billion in trade and investment. ICIEC’s activities span several key sectors, including energy, manufacturing, infrastructure, healthcare, and agriculture.
For more information, Visit: http://ICIEC.IsDB.org
