News

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

Executive Interviews

INTERVIEW: Totally mega

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In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

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Roundtables

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.

SOUTH AFRICA ROUNDTABLE: Airline syndrome

Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.