IDB arm ICD, Ivory Coast sign Islamic bond deal

Jeddah (IINA) - The Minister to the Prime Minister in charge of Economy and Finance of the Republic of Côte d’Ivoire (Ivory Coast), Nialé Kaba and the CEO of the Islamic Corporation for the Development of the Private Sector (ICD) Khaled Al Aboodi signed an agreement to set up a sukuk (Islamic bond) program in an aggregate principal amount of $480 million (300 billion CFA franc).

ICD is the private sector arm of the Islamic Development Bank Group (IDB). The program will be implemented during 2015-2020 for financing developmental projects and will be executed in two equal phases of CFA150 billion. ICD, as the lead manager, would structure the sukuk program, appoint and coordinate with other consultants, liaise with government officials and oversee the entire process of the sukuk 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 Shariah. 

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 Ms. 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 Shariah 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 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.

HA/IINA

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