IDB plans Africa and Asia funds

Africa_factoryThe Saudi-based Islamic Development Bank (IDB) is planning to launch two funds in Africa and Asia in 2019 to raise a combined $1 billion (€872 million) for infrastructure investment. The funds will aim to close a deficit in financing for transportation, energy and sanitation projects across the two regions. The IDB estimates this deficit to be in excess of $87 billion. "This is a new policy of the IDB in terms of putting a focus on thematic areas, whether its infrastructure, science and technology or other areas," said Mohamed Nouri Jouini, vice president of partnership development. In a move designed to improve governance, the IDB will also be looking to appoint external managers in a break from its usual practice of managing its funds internally. Meanwhile, the Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) has postponed plans to launch for a $1 billion Africa infrastructure fund in partnership with the India-based Infrastructure Leasing and Financial Services Group (IL&FS) while the latter undergoes a restructuring. The Indian government assumed control of IL&FS earlier this month after the construction company defaulted on some of its debt obligations, prompting fears of contagion in India’s financial sector. ©2018 funds global mena

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