This Sukuk program is the first of its kind in Niger
NIAMEY, Niger, February 25, 2015/African Press Organization (APO)/ – The Senior Minister, Minister of Economic Planning, Land Management and Community Development, H.E Dr. Amadou Boubacar CISSE and the CEO and General Manager of the Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com), 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 150.0 billion. This program will be implemented during 2015-2020 for financing developmental projects. The Sukuk Program will be implemented in two equal phases of CFA 75.0 billion.
ICD shall be the transaction advisor and global coordinator in the inaugural CFA 75.0 billion (or equivalent) Sukuk offering for the Government of Niger. ICD would assist the Government of Niger in coordinating with the relevant advisors, consultants, agents and officers of the Government of Niger and the mandated lead managers and overseeing the Sukuk offering in general.
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 will do its best to see that the issuance is successful and hopes this will contribute to transform the West African Economic and Monetary Union (WAEMU) Capital Market”.
H.E Dr. Amadou Boubacar CISSE said “This Sukuk program is the first of its kind in Niger. We already have a number projects that we would like to finance through this Sukuk issuance”.
About the Islamic Corporation for the Development of the Private Sector (ICD)
The Islamic Corporation for the Development of the Private Sector (ICD) (http://www.icd-idb.com) 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.
Islamic Corporation for the Development of the Private Sector (ICD)