At the COP 28 event in the United Arab Emirates, a significant partnership was forged through the signing of a Non-Honoring of Sovereign Financial Obligation (NHSFO) agreement between The Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC), a multilateral credit and political risk insurer and a member of the IsDB Group and Standard Chartered, a leading international cross-border bank.This pivotal agreement represents a major step in sustainable development and will support the funding of a key project for the Senegal government’s Ministry of Finance aimed at procuring and installing50,000 off-grid solar powered streetlamps across Senegal’s rural areas signifying substantial progress in the nation’s pursuit of renewable energy.
The agreement was officially signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Sunil Kaushal, CEO of Standard Chartered, Africa and the Middle East. This ambitious project, valued at EUR 103 million aims to harness solar energy to power streetlights across Senegal’s rural areas, improving the quality of life, and supporting economic activities reliant on consistent energy access. It promises enhanced safety and security through well-lit streets, extending business hours, encouraging community gatherings, and fostering local economic growth. Environmentally, the project underscores the importance of reducing carbon emissions and adopting eco-friendly energy practices.