The new terminal project, which is worth over $420million in investment, is expected to significantly improve the current port facilities and help Djibouti become a major business hub in East Africa. The new developed port terminal in Djibouti is also expected to increase the port traffic and open up new opportunities and growth, including more job opportunities, for the Djiboutians. The terminal is being sponsored by Dubai Ports World, in partnership with the Djiboutian Government and co-financed by Islamic Development Bank (IDB), Dubai Islamic Bank, Standard Chartered and West LB. Upon completion, the port will have an annual capacity of 1.5million TEU (twenty-foot equivalent container units), triple its current capacity.

ICIEC's participation will be to insure $50million under MIGA's facultative reinsurance program. The PRI cover aims to secure the investment from expropriation, transfer and convertibility risks, war and civil disturbance and breach of contract. Together with MIGA, ICIEC's participation played an important role in mitigating perceived political risks for the banks and enabled the project sponsors to raise the financing needed to make the project a reality.

The project is in line with ICIEC's mission, which is to encourage exports from Member Countries and to facilitate the flow of Foreign Direct Investments(FDI) to Member Countries by providing and encouraging the use of Shariah-compatible export credit and investment insurance as credit and country risk mitigation instruments.

"ICIEC is very pleased to be able to participate in facilitating the realization of this important project for Djibouti, one of its member countries. The project is expected to greatly enhance the role of Djibouti as a logistics hub for the region and thereby significantly contribute to its economic development," says Dr Abdel-Rahman Taha, General Manager of ICIEC.