Ivory Coast issues second sukuk

Aug 09, 2016

The government is looking to raise 150 billion CFA francs.

Ivory Coast is aiming to raise 150 billion CFA francs (€228.6 million) on the regional market of the West African Economic and Monetary Union (WAEMU) thanks to the issuance of its second sukuk.

The Islamic bond has a maturity of seven years (2016-2023), with a subscription period running from August 1st to 31st.

It will enable the Ivorian government to pursue investments and to clear some of the public debt.

The Islamic Corporation for Private Sector Development (ICD) is the lead arranger of the sukuk - the second in less than a year.

The government has been borrowing on international markets for two years to boost its growing economy. It now wants to use alternative methods of financing to facilitate the execution of development projects.

By issuing this sukuk, Ivorian authorities are opting for the "diversification of fundraising tools to mobilise resources destined to finance its investment needs", the central bank said in a statement.ADNFCR-2976-ID-801823284-ADNFCR