Leading global law firm Baker McKenzie advised Standard Chartered and the Islamic Corporation for the Insurance of Investment and Export Credits (ICIEC) on the finalization of their EUR 103 million (USD 111 million) Islamic financing to the Republic of Senegal, which is covered by ICIEC’s Non-Honoring of Sovereign Financial Obligation (NHSFO). The financing, which incorporates Islamic finance principles and rules, will support the funding of a project to install 50,000 solar-powered streetlamps in rural Senegal. The project was announced at COP 28 in Dubai in November.
Led by Luka Lightfoot, Banking & Finance Partner in London, the Baker McKenzie team included Nick Tostivin, Partner, and Associates James Clarke and Lucy Stratton (all London), Delwar Hossain, Partner, and Marwa Abdulmalik, Associate (both Bahrain).
Luka Lightfoot commented, "This agreement between our clients - multilateral credit and political risk insurer, the ICEIC, and multinational bank, Standard Chartered - will greatly assist in improving access to sustainable energy in rural Senegal, illuminating unlit areas and boosting economic and community-focused activities in the process. Baker McKenzie has one of the world's leading Islamic finance practices, and we are delighted to assist our clients via the application of our team's specialist knowledge of the wide range of Islamic banking and finance products used by Islamic banks and financial institutions."

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