First Abu Dhabi Bank Secures $626M for Highway Project

First Abu Dhabi Bank (FAB) was lauded for its role in a $626 million Murabaha financing transaction for the Lagos-Calabar Coastal Highway development in Nigeria. This recognition occurred during the Islamic Development Bank (IsDB) Group Annual Meeting held in Baku, Azerbaijan.

The financing, which is backed by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), covers 95% of the project costs and is supported by Nigeria's Federal Ministry of Finance. Dr.

Khalid Khalafalla, the Chief Executive Officer of ICIEC, stated that this transaction exemplifies the impact of Shariah-compliant financing in mobilizing long-term funds for strategic infrastructure projects, which will enhance connectivity and improve socio-economic growth in Nigeria. The event also recognized Standard Chartered Bank for its innovative trade development initiatives, marking a significant moment for Shariah-compliant financial solutions in the region.