| June 27
June 27 The Islamic Development Bank
(IDB) has relaunched its infrastructure fund with
backing from Saudi Arabia, Bahrain and Brunei, aiming to raise
$2 billion - almost triple the size of the original fund.
Jeddah-based IDB, a multilateral lender that promotes
economic development in Muslim countries and communities, has
ramped up its development efforts after it more than tripled its
authorised capital in 2012.
With a combined $750 million in commitments from the three
countries, the fund is targeting a final closing for early next
year, the AAA-rated IDB said in a statement late on Thursday.
That surpasses the $730 million fund launched in 2001, which
invested in firms such as Malaysia's AirAsia and Saudi
International Petrochemical Co.
The new fund would mobilise up to $24 billion of aggregate
financing to support development of key infrastructure projects
in member countries, said IDB president Ahmad Mohamed Ali.
Newly-formed ASMA Capital Partners will manage the IDB fund,
a Bahrain-based asset management firm owned by the IDB and the
three sovereigns through their pension funds and finance
On Monday, the IDB approved $447 million in financing for
development projects in member countries, including $220 million
for a power grid extension in Bangladesh and $83.8 million for a
power project in Uganda.
Energy, transport, water and sanitation projects make up
about two-thirds of the IDB's lending portfolio.
(Editing by Eric Meijer)