First Abu Dhabi Bank Receives ICIEC Award for $626 Million Shariah-Compliant Financing Deal

BAKU — The financing structure behind Nigeria’s Lagos-Calabar Coastal Highway Development has received international recognition after First Abu Dhabi Bank (FAB) was honoured for its role in mobilising a $626 million funding package for the strategic infrastructure project.

FAB received the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Most Impactful Project of the Year Award at the IsDB Group Private Sector Forum 2026 held during the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, Azerbaijan.

The award recognised FAB’s contribution to the Murabaha financing transaction that supported the development of the Lagos-Calabar Coastal Highway, one of Nigeria’s largest transport infrastructure projects.

The transaction was backed by ICIEC’s Non-Honouring of Sovereign Financial Obligations (NHSFO) policy issued in favour of FAB, providing coverage for 95 per cent of the financing extended to Nigeria’s Federal Ministry of Finance.

ICIEC said the risk protection helped unlock long-term financing for the project, enabling private-sector participation in infrastructure development and supporting Nigeria’s economic connectivity goals.

The Lagos-Calabar Coastal Highway is expected to improve movement of people and goods, strengthen trade links along Nigeria’s coastline and contribute to long-term economic growth.

Infrastructure Finance Gains Global Attention

The recognition highlights growing interest from international financial institutions in supporting major infrastructure projects across emerging markets.

ICIEC Chief Executive Officer, Dr Khalid Khalafalla, said the transaction demonstrated how partnerships between financial institutions and multilateral insurers could mobilise capital, reduce investment risks and deliver development impact.

“ICIEC is proud to honour First Abu Dhabi Bank for a landmark transaction that demonstrates the impact of Shariah-compliant risk mitigation,” Khalafalla said.

He added that the project reflected ICIEC’s role in supporting trade, investment and sustainable development across member countries.

ICIEC, a member of the Islamic Development Bank Group, provides investment and export credit insurance solutions designed to reduce political and commercial risks for investors.

The organisation has insured more than $138 billion in trade and investment activities across sectors including infrastructure, energy, manufacturing, agriculture and healthcare.

Boost for Nigeria’s Connectivity Agenda

The Lagos-Calabar Coastal Highway is viewed as a major component of Nigeria’s broader transport and economic development strategy.

The project is designed to improve regional connectivity, support logistics networks and enhance access between coastal communities and commercial centres.

For investors, large infrastructure financing arrangements such as the FAB-ICIEC-backed transaction are seen as important tools for reducing risk and encouraging capital flows into developing economies.

Wider Regional Development Discussions

The award ceremony took place alongside discussions among policymakers, development finance institutions and regional integration experts on strengthening economic cooperation across Africa, Asia and the Middle East.

Representatives from the Islamic Development Bank, World Bank, African Development Bank and Asian Development Bank examined how infrastructure development, digital transformation, trade facilitation and private-sector participation could accelerate sustainable growth.

Experts highlighted that stronger regional connectivity remains critical as countries respond to supply-chain disruptions, economic uncertainty and climate-related challenges.

The IsDB Regional Integration Forum also featured discussions on investment priorities and policy coordination aimed at improving cross-border trade and economic resilience.

The recognition of the Lagos-Calabar Coastal Highway financing comes as Nigeria continues efforts to attract international capital for large-scale infrastructure projects capable of supporting industrial growth and regional trade.

Source: Arise TV