ICIEC-Supported Nakkaş-Başakşehir Motorway wins TXF Social Infrastructure Deal of the Year 2024
Copenhagen, Denmark – The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is proud to announce that the Nakkaş-Başakşehir Motorway Project in Türkiye has been named TXF's Social Infrastructure Deal of the Year 2024, awarded during the TXF Global Awards Ceremony held on 11 June 2025.
This landmark project involves EUR 1.044 billion in non-recourse financing for the development of a 35-kilometer greenfield motorway in Istanbul Province—the final section of the Northern Marmara Motorway, a 450-kilometer corridor connecting Türkiye's Asian and European regions. The public-private partnership is expected to significantly reduce traffic congestion, improve trade logistics, and cut commute times by up to 40 minutes.
The project aligns with multiple UN Sustainable Development Goals (SDGs), notably SDG 8 (Decent Work), SDG 9 (Infrastructure), SDG 11 (Sustainable Cities), and SDG 17 (Partnerships), by creating jobs, modernizing transport infrastructure, and fostering international cooperation.
ICIEC played a pivotal role in the financial close by offering a comprehensive risk mitigation solution, including a EUR 74 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to Standard Chartered and Deutsche Bank, and Equity Investment Insurance to Korean investors.
'This award reflects the strength of our partnership with the Government of Türkiye, our member institutions, and the private sector,' said Dr. Khalid Khalafalla, CEO of ICIEC. 'We are particularly proud to have supported this project alongside other Export Credit Agencies and Multilateral Development Banks—most notably our parent institution, the Islamic Development Bank, and our sister entity, the Islamic Corporation for the Development of the Private Sector. Together, we leveraged synergies to mobilize Islamic finance and de-risk strategic infrastructure. Congratulations to all parties involved in delivering a project with lasting developmental impact.'
This transaction exemplifies ICIEC's mission to provide innovative risk mitigation solutions that enable impactful trade and infrastructure investment across its 50 member states.
About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
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 financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.
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