AACID launches the first green Sukuk in Sudan

AACID launches the first green Sukuk in Sudan

Arab African Company for Investment and Development (AACID) launches the  first Green Sukuk by its subsidiary Nahda Company (AACID subsidiary) in partnership with Bank of Khartoum.

The program aims to encourage investments in green or sustainable projects through the development of green Islamic finance markets initially in Sudan, and subsequently, in the region.

The $11.3 million (4.75 billion Sudanese pounds) investment fund will finance renewable energy projects for commercial use. Aims to finance the production of 55 megawatt hours per day, according to its prospectus, for industries such as agriculture and mining.

Green sukuk have the potential to further broaden this market as well as to help bridge the gap between the conventional and Islamic financial worlds.

Read more:https://mobile.reuters.com/article/amp/idUSL5N2NI1R6

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