Senegal issues €229 million sukuk

Jun 27, 2016

This is the second Islamic bond from the West African nation.

Senegal launched on June 20 its second Islamic bond - worth 150 billion CFA Francs (€229 million) - on the financial market of the West African Economic and Monetary Union (WAEMU).

The Islamic Corporation for the Development of the Private Sector (ICD) is the lead arranger of the transaction.

According to an information note, the funds raised will be used to "finance the state's economic and social development projects, including the urban center of Diamniadio, a drinking water supply program and a road and street lighting program. "

Senegal launched on June 25, 2014 a 100 billion CFA Francs (€152.5 million) sukuk program, which was the first major Islamic bond by a West African nation.

Minister for the Budget Mouhamadou Makhtar Cisse said at the time: "This project is important for the government, given its commitment to turn Senegal into a leading platform for the development of Islamic finance in sub-Saharan Africa, particularly in the West African Monetary Union."ADNFCR-2976-ID-801820790-ADNFCR