The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) won the Islamic Finance news Award for Project & Infrastructure Deal of the Year. The awards ceremony was hosted at the Ritz Carlton – DIFC Dubai, UAE on March 10th, 2019.
ICIEC was the recipient of the IFN Deal of the Year for its exceptional multi-level insurance coverage in partnership with other export credit agencies for the landmark Canakkale 1915 Bridge Project. The Canakkale project, located in Turkey, comprises an 88km three-lane motorway, 48km of connection roads, and a €1.68bn bridge spanning 2,023m. The construction of the bridge, which is set to be the longest suspension bridge in the world, began in March 2017 and is expected to be completed in 2022. The bridge will cut transportation times from Europe to the Aegean and West Mediterranean regions of Turkey, providing a major boost to tourism and trade
Mr. Oussama Kaissi, Chief Executive Officer of ICIEC, thanked the Islamic Finance news and partners stating that “The Deal of the Year Award is a wonderful opportunity to showcase ICIEC’s capacity to support large-scale and impactful development projects.” He also congratulated this year’s fellow recipients, stating “We are honored to be included among such accomplished firms and institutions. These awards showcase the incredible promise of Islamic finance and we are grateful to be part of this growing industry.”
The IFN Awards ceremony is one of the most distinguished events in the Islamic finance industry, bringing together financial institutions and intermediaries from around the world to celebrate the accomplishments of law firms, financial service providers, fintech companies, and banks. The awards honor industry leaders and highlight the growing influence of Islamic financial services.
Since its establishment in 2006, the IFN ‘Deals of the Year’ category recognizes the most outstanding transactions in Islamic finance. Submissions are reviewed by an expert panel from non-competing organizations, who rigorously select the most groundbreaking transactions in each category.
The IFN award comes on the heels of recognition for the Canakkale project at the 2018 Project Finance International Awards, where the initiative took home the “Turkish Deal of the Year” award.
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.
Source link : https://www.africa.com/project-infrastructure-finance-deal-of-the-year/
Author : Editor
Publish date : 2019-03-11 15:19:37