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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.”

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