Islamic Development Bank launches $1.5 billion fund
Regional, Economics, 10/8/1998

Ahmed Mohammed Ali, President of the Islamic Development Bank (IDB), said a fund worth $1.5 billion is being created to make investments in infrastructure projects in member states.

At a press conference in Washington on Tuesday, Ali said the IDB infrastructure fund would be a limited partnership with a capital of $1 billion and an Islamic finance facility of 500 million U.S. dollars.

He defined the target sectors for the fund as including power, telecommunications, transportation, energy, natural resources, petrochemicals, water and other infrastructure related sectors.

Noting that Governments were experiencing declining revenues, he said the fund was intended to contribute to filling part of the great need for infrastructure investment.

Calling it the first private investment vehicle to concentrate on infrastructure development throughout the Islamic world, he said the IDB had committed $250 million to the fund. A further $200 million had been committed to the new fund by the Geneva-based Dar Al-Maal Alislami trust, chaired by Prince Mohammed Al-Faisal Al-Saud.

Previous Stories:
  IDB extends Tunisia $20 million loan   (9/21/1998)
  Board of Islamic Bank's executive directors starts new session   (9/7/1998)
  Islamic Development Bank approves $1.4 billion in grants to Islamic countries   (8/19/1998)

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