The Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) has reaffirmed its commitment to support Cameroon in the construction of the Yaounde-Douala Highway (Phase 2). This commitment was made during an audience granted on 17 March 2025, with the Minister of the Economy, Planning, and Regional Development (MINEPAT), Mr Alamine Ousmane Mey, who received a joint delegation from Standard Chartered Bank (UK) and ICIEC on a due diligence visit to Cameroon.
This mission, scheduled for 17 and 18 March 2025 and led by Mr Raphael Fofana from the Islamic Corporation for the Insurance of Investments and Export Credit (ICIEC) and Mr Mustafa Sajjad from Standard Chartered Bank, is part of ICIEC internal approval procedures. The primary objective is to assess the financial and technical aspects of the project for insurance coverage on the financing of works. As a multilateral credit insurance company, ICIEC aims to mitigate the risks associated with the funding of this strategic facility, as well as other major road projects in Cameroon.
Discussions between MINEPAT and the mission team provided an opportunity to review the cooperation between Cameroon and the ICIEC, highlighting past achievements and prospects for this partnership. As a member of ICIEC since its inception, Cameroon has already benefited from its financial support, including risk coverage for the construction of the Japoma Sports Complex in Douala. ICIEC’s renewed commitment to the construction of the Yaounde-Douala Highway (Phase 2) further strengthens this collaboration and attests to the country’s attractiveness to international investors.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, was established in 1994 to ease trade and investment among the member countries of the Organisation of Islamic Cooperation (OIC). Today, it stands as the only multilateral credit insurance company operating per the principles of Islamic finance, providing Sharia-compliant solutions to secure funding and promote economic development.
ICIEC’s involvement in the construction of the Yaounde-Douala Highway (Phase 2) represents a significant advancement in the development of the country’s major infrastructure. It also reflects the Cameroonian government’s determination to ensure the success of large-scale infrastructure projects through robust strategic partnerships. Thanks to this new support, Cameroon is actively pursuing its ambition to upgrade its road network and enhance its economic attractiveness, thereby paving the way for new investment opportunities in the years to come.
