IDB Sukuk Issuance

The Islamic Development Bank (IDB) successfully issued a $1.5 billion sukuk yesterday achieving a profit rate of 1.775%. This compares favourably with its $1 billion issuance last year where it achieved a higher profit rate of 1.83%.

IDB and Mali Water Funding Agreement

The Islamic Development Bank (IDB) and the Republic of Mali have signed a US $44 million agreement for Phase II of the Kabala Water Project. The project is expected to provide drinking water and improve living conditions for 8.5 million people in and around Bamako.

The agreement was signed by IDB’s Acting President, Dr. Ahmet Tiktik and Mali’s Minister for Energy and Water, Mr. Mamadou Frankaly Keita, at IDB headquarters in Jeddah.

Once completed, the project will greatly reduce the outbreaks of cholera and other water-borne diseases. The overall project will improve water access in and around Bamako City from 60.25 per cent in 2013 to 75 per cent in 2020, and later to 80 per cent.

“This project is very important for the people of Mali,” said Dr. Tiktik. “IDB will work together with the Government of Mali to expedite implementation.”

The Acting President told the Malian delegation that IDB is “their institution”, and will do everything possible to support its member countries.

Dr. Tiktik led the IDB delegation to Brussels in 2013 for an international donor conference that mobilized €3.25 billion to rebuild Mali.

Prior to signing the Phase II agreement, Mr. Keita and Mali’s Minister of Equipment and Transport, Mr. Mamadou Hachim Koumare, visited IDB’s Vice President of Operations, Dr. Mansur Muhtar, to review IDB projects in Mali.

Dr. Muhtar noted that IDB understands Mali’s priorities and assured the delegation that the Bank is prepared to support the government’s development efforts. He said that apart from providing financing for various projects, IDB would work with other countries through the Reverse Linkage Initiative to address some of Mali’s challenges in the area of capacity building.

“IDB has been a strategic partner and has never left Mali, no matter the circumstance,” said Mr. Koumare. “That is why we are here to express our appreciation and see how we can strengthen our cooperation. The aim of our visit is to finalize discussion on the construction of Modibo Keita International Airport and propose new infrastructure projects for the consideration of the Bank. We would also like to invite IDB to participate in the technical and financial partners meeting on transport

infrastructure for the reconstruction of northern Mali, to be held in Bamako from 24-25 March 2016.”

The Republic of Mali joined IDB in 1978. Since then, IDB has financed several development projects in the country totaling US $950 million.