Niger And ICD Sign Accord To Setup Sukuk Program From 2015 To 2020.

ICD shall be the transaction advisor and global coordinator in the opening CFA about 75.0 billion Sukuk offering for the Government of Niger. ICD would help the Government of Niger in working harmoniously with the relevant advisors, financial consultants, agents and government authorities of Niger and the authoritative lead managers and supervising the Sukuk offering in general.

The Minister of Economic Planning,and Community Development,  Dr. Amadou Boubacar CISSE and the CEO  of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector section of the Islamic Development Bank Group (IDB), Mr. Khaled Al Aboodi, signed an agreement to setup a Sukuk program in a total principal amount of CFA 150.0 billion. This program will be put into action during 2015-2020 for financing development projects. The Sukuk Program will be implemented in two equal amounts of CFA 75.0 billion.

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 Islamic principles. Mr.  Khaled Al Aboodi, CEO of the ICD, commented on the accord that, “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.”

Dr. Amadou Boubacar CISSE said, “This Sukuk program is the first of its kind in Niger. We already have a number of projects that we would like to finance through this Sukuk issuance.”