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The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), a multilateral credit and political risk insurer, has signed an agreement with British multinational bank Standard Chartered (LON:STAN) that will support the funding of a project to install solar street lamps in Senegal.
The Non-Honoring of Sovereign Financial Obligation (NHSFO) agreement between the parties was inked this week at the COP 28 climate conference in Dubai.
The project, worth EUR 103 million (USD 111m), calls for the procurement and installation of 50,000 off-grid solar-powered street lamps across the African country’s rural areas.
“This initiative is not just about illuminating streets; it’s about empowering communities, enhancing safety, and sparking economic growth in rural areas,” commented ICIEC chief executive Oussama Kaissi.
(EUR 1 = USD 1.077)
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