Togo launches first sukuk on the WAEMU market
The country wants to raise 150 billion CFA francs.Togo has issued its first sukuk on the WAEMU market on July 20th, with a view to raising 150 billion CFA francs (€228.7 million).
The Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank (IDB), is the lead arranger of operations.
Togo is the third state of the WAEMU to launch an Islamic bond after Senegal and Ivory Coast.
Governments in the region are looking to diversify their sources of funding in order to facilitate the implementation of development projects.
"The sukuk program is in line with the objective of the Republic of Ivory Coast, which is to identify alternative methods of financing for development projects whose implementation would facilitate the achievement of the objectives of the economic emergence by 2020," said Ivorian Minister of Economy and Finance, Nialé Kaba, in December.