Islamic Development Bank issues $1.5 bln debut sustainability sukuk in response to COVID-19
The Islamic Development Bank issued a $1.5 billion 5-year sukuk with a profit rate of 0.908%, the multilateral said on June 19. The sukuk is part of IsDB's $25 billion sukuk programme.
IsDB said the proceeds from its debut sustainability sukuk will go towards social projects under its Sustainable Finance Framework, with a focus on "access to essential services" and "SME financing and employment generation" under SDG 3: Good Health and Well-being and SDG 8: Decent Work and Economic Growth.
The sukuk marks the second trade based on IsDB's Sustainable Finance Framework, which also served as the foundation on which it ssued its debut €1 billion Green Sukuk last November.
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