First Abu Dhabi Bank (FAB) has received recognition for its involvement in a USD 626 million Murabaha financing arrangement supporting the Lagos–Calabar Coastal Highway project in Nigeria. The recognition was announced on the sidelines of the Islamic Development Bank Group Annual Meetings 2026 held in Baku, Azerbaijan.
The award was presented by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-compliant multilateral insurer within the Islamic Development Bank Group. FAB was named recipient of the “Most Impactful Project of the Year” award for its role in structuring and supporting the financing deal.
The transaction was backed by ICIEC’s Non-Honouring of Sovereign Financial Obligations cover issued in favour of FAB, covering a significant portion of the financing provided to Nigeria’s Federal Ministry of Finance. The arrangement helped unlock long-term funding for the major infrastructure project, which is expected to improve transportation links, enhance movement of goods and services, and support broader economic growth.
Also recognised at the event was Standard Chartered, which won an award for its involvement in a EUR 160 million Murabaha facility provided to Agrobank in Uzbekistan. The deal, supported by ICIEC cover, marked the country’s first Shariah-compliant financing arrangement of its kind and is expected to strengthen support for small and medium-sized enterprises and retail banking.
ICIEC stated that the awards were designed to highlight financial institutions using Islamic finance instruments backed by its risk mitigation tools to drive trade, investment, and sustainable development across member countries.
Officials from ICIEC emphasised that such partnerships demonstrate how structured financing and risk-sharing mechanisms can mobilise capital for infrastructure and economic development while strengthening cross-border trade.
The Lagos–Calabar Coastal Highway financing was described as a key example of how international collaboration can support large-scale infrastructure delivery in emerging markets.
The broader forum also featured discussions among development finance institutions and policymakers on strengthening regional integration, improving trade connectivity, and promoting sustainable economic growth across member states of the Islamic Development Bank Group.
Experts highlighted the importance of infrastructure development, regulatory cooperation, and private sector participation in addressing development gaps and enhancing economic resilience across regions.
