ADB, IDB set up infrastructure fund
The Jakarta Post, Jakarta | Wed, 06/03/2009 8:23 PM
To speed up development of much-needed infrastructure projects in Asian countries, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) have agreed to set up Asia's first major multi-country Islamic infrastructure fund.
The Islamic infrastructure fund is expected to reach US$500 million, and will become sharia-compliant equity investments in 12 Asian countries which are borrowing members of the two development banks, ADB and IDB said in a joint statement Wednesday.
The 12 countries are Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan and Uzbekistan. (JP)
