Nakkas-Basaksehir Motorway project expected to reduce traffic congestion, shorten travel times, improve logistics efficiency, with benefits spreading throughout Türkiye's trade corridors and manufacturing hubs
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Group has signed a €37 million (approximately $42 million) agreement with British lender Standard Chartered to support Türkiye's Nakkas-Basaksehir Motorway Project.
The ICIEC, a multilateral insurer and member of the Islamic Development Bank (IsDB), signed the policy on Wednesday at the bank's annual meeting in Algeria's capital. The deal was inked by ICIEC CEO Khalid Khalafalla and Standard Chartered Executive Director Puneet Sharma.
The €37 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy deal supports the British lender's Islamic financing facility for the landmark motorway project.
Khalafalla said at the signing ceremony that ICIEC is proud to support strategic infrastructure in Türkiye by derisking the Shariah-compliant financing for the motorway.
"Our NHSFO policy support enables Standard Chartered to channel essential long-term capital into a project that will enhance connectivity, spur economic activity, and create jobs," he noted.
The motorway project is expected to reduce traffic congestion, shorten travel times, and improve logistics efficiency, with the benefits spreading throughout Türkiye's trade corridors and manufacturing hubs.
The 45-kilometer motorway will be a new section of the Northern Marmara Highway, which covers approximately 450 kilometers (280 miles).
