Côte d’Ivoire and Islamic Corporation for the Development of the Private Sector sign sukuk agreement

Côte d’Ivoire and Islamic Corporation for the Development of the Private Sector sign sukuk agreement

Washington, 18 April 2015: H.E. The Minister to the Prime Minister in charge of Economy and Finance of the Republic of Côte d’Ivoire, Madame Nialé KABA and the CEO of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), Mr. Khaled Al Aboodi, signed an agreement to setup a Sukuk program in an aggregate principal amount of CFA 300.0 billion.

This program will be implemented during 2015-2020 for financing developmental projects and will be executed in two equal phases of CFA 150.0 billion. ICD, as the lead manager, would structure the Sukuk Proram, appoint and coordinate with other consultants, liaise with Government officials and oversee the entire process of the Sukuk offering.

ICD is mandated to support the economic development of its member countries through provision of finance and advisory services to private sector enterprises and governments in accordance with the principles of Shari’a. Mr Khaled Al Aboodi, CEO of the ICD, commented on the agreement that: “The ICD is keen to work closely with Côte d’Ivoire Government for the success of this transaction. Our ultimate goal is to develop the Shariah compliant capital market in Côte d’Ivoire to enable narrowing the financing gap for developmental projects

H.E. Madame Nialé KABA said “The Sukuk program is in line with the objective of the Republic of Côte d’Ivoire which consist on identifying alternative financing means for developmental project that could help the country achieve an emerging economy status by 2020.”

Rate this article

Author Thumbnail
Written by African Business Magazine

African Business and its award-winning team is widely respected for its editorial excellence. We provide the all important tools enabling you to maintain a critical edge in a continent that is changing the world. Our special reports profile a wide range of sectors and industries including Energy, Oil and Gas, Aviation, Agriculture to name but a few.

Join our mailing list to receive a sharp, curated weekly round-up of African business news.

Help us deliver better content

Related Posts

  • James Mworia of Centum

    Centum Investment’s Midas touch

    Centum, East Africa’s largest publicly listed investment firm, seems to have the Midas touch – turning everything it comes into contact with into gold. James Mworia, the company’s CEO, tells Tom Collins why the Kenya’s consumer-oriented policy is such a boon for investors

  • Fishermen in Gazi Bay

    Africa must not be shortchanged on climate finance

    Climate finance, properly directed, not only mitigates the effects of global climate change, but also plays a significant part in economic and social development. However, the richer nations are still not paying their fair share of the climate bill

  • Moody's Senior Vice President Constantinos Kypreos

    Moody’s dim outlook on African banks

    Constantinos Kypreos, who leads a team of analysts covering banks in Africa, the Middle East and the Balkans, talks to Rafiq Raji about the reasons why the rating agency has downgraded its outlook for African banks

  • Mahin Dissanayake, Senior Director, Banks – EMEA, at Fitch Ratings

    Kenya brightens Fitch outlook

    Fitch Ratings has downgraded its outlook on African banks. Rafiq Raji talks to Mahin Dissanayake, Senior Director, Banks – EMEA, at Fitch to discover why 

Join our 70,000+ subscribers by signing up to our mailing list

Help us deliver better content