Islamic Development Bank establishes investment corporation with $1 million capital

A report issued yesterday about the Islamic Development Bank said the bank will establish an Islamic investment corporation with $1 million in capital. The new corporation is concerned with supporting the private sector of the member states in the Organization of the Islamic Conference (OIC).

The report said the bank will conduct a feasibility study for establishing investment companies in Morocco and Syria to finance small projects in the two states in light of the increasing concern with the small and medium-sized projects in the Islamic and Arab world as a basis for support of the heavy industries.

The report added that the bank will present easy loans for the basic infrastructure projects through the fund of the Islamic Bank established recently.