This Sukuk program is the first of its kind in Niger
NIAMEY, Niger(ANN)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.
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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”.
Distributed by APO (African Press Organization) on behalf of The Islamic Corporation for the Development of the Private Sector (ICD).
For further information please contact:
Nabil Al-Alami
Head, Marketing
Islamic Corporation for the Development of the Private Sector
E-mail: nalami@isdb.org
Website: www.icd-idb.org
