First Abu Dhabi Bank lauded for financing Nigeria's Lagos-Calabar Coastal Highway

First Abu Dhabi Bank (FAB) has been recognized for its significant contribution to the development of Nigeria's Lagos-Calabar Coastal Highway. The bank was lauded for its role in a $626 million Murabaha financing transaction, a key enabler for the strategic infrastructure project.

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ICIEC is proud to honour First Abu Dhabi Bank, Standard Chartered, and Agrobank for two landmark transactions that demonstrate the impact of Shariah-compliant risk mitigation.

The commendation came during the Islamic Development Bank (IsDB) Group Annual Meetings 2026 in Baku, Azerbaijan. FAB received the ICIEC Most Impactful Project of the Year award from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IsDB Group. This award highlights FAB's success in mobilizing long-term funding for Nigeria, backed by ICIEC’s Non-Honouring of Sovereign Financial Obligations policy, which covered 95 percent of the financing provided to Nigeria's Federal Ministry of Finance.

ICIEC's support is crucial for projects like the Lagos-Calabar Coastal Highway, as it enhances connectivity, facilitates the movement of goods and people, and is expected to contribute to long-term socio-economic growth in Nigeria. The financing aims to improve infrastructure and stimulate economic development.

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These awards reflect how strong partnerships can mobilise capital, enable strategic infrastructure, expand access to trade finance, and deliver meaningful development impact across our member states.

In addition to FAB, Standard Chartered was also honored with the Most Innovative Trade Development Initiative of the Year award for a EUR 160 million Murabaha facility provided to Uzbekistan's Agrobank. This facility marked Uzbekistan's first Murabaha transaction and established a Shariah-compliant model for future liquidity solutions in trade. Dr. Khalid Khalafalla, CEO of ICIEC, emphasized that these awards recognize financial institutions that utilize Shariah-compliant financing and ICIEC's insurance solutions to foster trade and sustainable development across member states.

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The winning transactions highlighted ICIEC’s role as a trusted partner in de-risking trade and investment, supporting financial institutions, and helping member states to advance sustainable and inclusive growth.