IDB arm to lead manage 300 bln CFA franc sukuk programme for Ivory Coast

The Islamic Corporation for the Development of the Private Sector (ICD) will lead manage a 300 billion CFA franc ($480 million) Islamic bond programme for Ivory Coast. The programme will issue Ivory Coast's first sovereign sukuk in order to finance development projects. It will be conducted in two equal phases of 150 billion CFA francs and extend from 2015 to 2020, the ICD said in a statement. As lead manager, the ICD will structure the sukuk programme, appoint and coordinate other consultants, liaise with government officials and oversee the entire process of the offer, it said. Senegal and South Africa issued their first sukuk last year, while Niger's government plans to establish an Islamic bond programme and Nigeria has been considering an issue.