Islamic corporation for private sector development starts operating in April

The Islamic corporation for the private sector development, set up by the Islamic Development Bank (IDB) with a one-billion-dollar capital, will start operating in the first week of next April, the IDB said.

The Islamic corporation will operate similarly to the World Bank's International Finance Corporation, a press release by the IDB said.

The new institution aims at enhancing economic development in IDB member states through boosting and encouraging productive projects of the private sector, it added.

In accordance with the corporation agreement, the firm could carry out independent activities or cooperate with other financial bodies to finance, expand or renovate private projects in member states, it said.

The institution will also provide advisory services to member states, public and private institutions to support private sector.