NIGER, ICD SIGN AGREEMENT FOR ISLAMIC BOND PROGRAM

Jeddah, 11 Jumadil Awwal 1436/2 March 2015 (MINA) – Niger has signed an agreement with the Islamic Development Bank (ICD) to setup a Sukuk (Islamic bond) program, the ICD said in a statement.

The agreement was signed by Niger Senior Minister of Economic Planning Dr. Amadou Boubacar and Khaled Al-Aboodi, CEO and general manager of the Islamic Corporation for Development of the Private Sector, the private arm of the ICD.

The agreement calls for the setting up of a Sukuk program in Niger at an aggregate principal amount of CFA150 billion, the ICD said, International Islamic News Agency (IINA) quoted by Mi’raj Islamic News Agency (MINA) as reporting.

The program will be implemented within 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 CFA75 billion 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 Niger government 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 Shariah.

Al-Aboodi 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”. On his part, Boubacar 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.” (T/P007/P3)

Mi’raj Islamic News Agency (MINA)