U.S. NGO planning dev’t impact bond to empower Syrian women refugees, sukuk possible
*CORRECTION: Corrections have been made throughout to clarify that the structure to be issued is a development impact bond and not a development impact sukuk; and that the IKEA Foundation has confirmed its intention but not commitment to be a funder of the development impact bond
New York-based Near East Foundation (NEF) is planning to issue the first tranche of $14.94 million of a development impact bond next April to fund Syrian women refugees in Lebanon and Jordan.
“The first tranche will fund the NEF’s livelihood programme over three and a half years from April 2019, focusing on growing and starting home-based businesses with the support of local organisations in Lebanon and Jordan,” Charles-Antoine Janssen, founder and managing director of Mumbai-based Kois Invest, a finance advisory firm that structured the bond, told Salaam Gateway.
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Stephanie Augustin