Tunis:The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has provided £500 million in insurance coverage to the Republic of Benin. This coverage safeguards against the risk of default on sovereign financial obligations, with an insured principal amount of £308.79 million.

According to Saudi Press Agency, this financial support is instrumental in securing long-term funding for priority development projects in Benin, aiding in the achievement of the Sustainable Development Goals (SDGs). This initiative represents a significant milestone in ICIEC's operations within the country.

The funding aligns with Benin's Government Action Program for 2021-2026 and its "Vision 2060" roadmap. It focuses on projects with environmental and social benefits across sectors such as transport, road infrastructure, health, education, and justice, adhering to the national SDG framework.

The insurance coverage enhances the financing framework and facilitates the mobilization of long-term resources dedicated to Benin's sustainable development priorities. This transaction is also supported by a partial credit guarantee from the African Development Fund, the concessional financing division of the African Development Bank Group, underscoring the vital role of multilateral cooperation and risk-sharing in financing impactful development projects.