The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), and the Government of Niger have signed an agreement to setup a 150bn CFA franc ($253m) sukuk program.

Amadou Boubacar Cisse, Niger's planning minister, 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 issue.”

The program will be implemented during 2015-2020 for financing developmental projects.

The Sukuk Program will be implemented in two equal phases of 75bn CFA franc ($126m).

ICD will act as the transaction advisor and global coordinator in the inaugural sukuk offering for the Government of Niger.

Khaled Al Aboodi, CEO of the ICD, said: “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.”

ICD will assist the Government of Niger in coordinating with the relevant advisors, consultants, agents and officers of the Government of Niger 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 Shari’a.