The Government of the Republic of Côte d’Ivoire and the Islamic Corporation for the Development of the Private Sector (ICD) have signed an agreement to setup a CFA 300bn Sukuk Program.

The program will be implemented during 2015-2020 for financing developmental projects and will be executed in two equal phases of CFA 150bn.

The agreement was signed by Minister to the Prime Minister in charge of Economy and Finance of the Republic of Côte d’Ivoire, Madame Nialé KABA and CEO of ICD, Khaled Al Aboodi.

H.E. Madame 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.”

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.

Al Aboodi said that 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,” he said.