The Islamic Corporation for the Development of the Private Sector (ICD) and Al-Sharif Group & KEC Ltd. Co. (ASKEC) have signed a Letter of Intent on 14th FEB 2019 to explore the possibility of collaborating in structuring and arranging the issuance of a Green Sukuk the proceeds of which will be used to finance the expansion of ASKEC operations in the area of renewable energy and eco-friendly projects.
Mr. Ayman Sejiny, the Chief Executive Officer and General Manager of ICD, and Mr. Abdulaziz O. Al-Nasser, Chairman of ASKEC, signed the letter of intent (“LOI”).
The Parties will work closely on the structuring, arranging, documentation, marketing and launching a green sukuk for the benefit of the ASKEC to be used to finance renewable energy projects.
Following the signing of the LOI , Mr. Ayman Sejiny observed that : “ICD has a solid experience in advising on sovereign and non-sovereign sukuk issuances in its member countries and we look forward to sharing our knowledge and expertise in this regard with our partner, ASKEC, to facilitate their resource mobilization agenda and expansion in the renewable energy space.”.
Mr. Al-Nasser said, ”we believe that ICD, with its excellent track record can support ASKEC with its knowledge and experience in Green energy and sukuk issuances to achieve our goal of expanding in the new market for renewable & eco-friendly projects, in line with the Kingdom’s vision 2030 and in response to the huge demand in this market”.
About Al Sharif Group & KEC LTD. Co. (ASKEC)
Al-Sharif Group &KEC LTD Co. (ASKEC) (JV was established in 1997 between Al Sharif Group and KEC international India).ASKEC is amongst the largest players firmly entrenched in the global power transmission and infrastructure EPC space. With proven experience and expertise spanning over two decades, executing mega projects with comprehensive capabilities that deliver complete solutions covering design, testing, fabrication, erection and construction of transmission lines, Substations, and Underground Cables projects on a turnkey basis, Renewable Energy Power Projects, For more information, visit http:// www.alsharifkec.com .
The Islamic Corporation for the Development of the Private Sector
ICD is a multilateral organization and a member of the Islamic Development Bank (IDB) Group. ICD has an authorized capital of $4 billion. Currently, the shareholders of ICD are the IDB (50%), 54 Islamic countries (30%) five public financial institutions (20%). The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through providing financing facilities and/or investments which are in accordance with the principles of Shari’ah. ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises. For more information visit www.icd-ps.org© Press Release 2019
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