Côte d’Ivoire and IDB arm signed deal to setup sukuk

Nialé KABA, minister to the prime minister in charge of economy and finance of the Republic of Côte d’Ivoire, Khaled Al-Aboodi, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), private sector arm of the Islamic Development Bank Group (IDB), 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.

Khaled Al Aboodi, CEO of the ICD, commented: “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.”

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.”

The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral organization, part of the Islamic Development Bank (IDB) Group.

ICD was established in November 1999 to promote economic development of its member countries in accordance with the principles of the Sharia through private sector development.

ICD encourages the establishment, expansion and modernization of private enterprises through financing private sector enterprises or projects.

Projects are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports.

ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion and modernization of private enterprises, development of capital markets, best management practices and enhance the role of market economy. ICD operations complement the activities of the IDB.