The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), a multilateral credit and political risk insurer, has entered into an agreement with British multinational bank Standard Chartered to support the funding of a project aimed at installing solar street lamps in Senegal.
The Non-Honoring of Sovereign Financial Obligation (NHSFO) agreement was formalized this week at the COP 28 climate conference in Dubai.
Valued at EUR 103 million (USD 111 million), the initiative entails the procurement and installation of 50,000 off-grid solar-powered street lamps across rural areas of the African country.
ICIEC Chief Executive Oussama Kaissi emphasized the broader impact of the project, stating, “This initiative is not just about illuminating streets; it's about empowering communities, enhancing safety, and sparking economic growth in rural areas.”
