ADB, IDB to set up sharia-compliant infrastructure fund
Aditya Suharmoko, The Jakarta Post, Jakarta | Wed, 06/03/2009 11:38 AM
The Asian Development Bank (ADB) and the Islamic Development Bank (IDB) have agreed to set up Asia's first major multicountry Islamic infrastructure fund.
The Islamic infrastructure fund is expected to reach US$500 million, which will become sharia-compliant equity investments in 12 countries that are borrowing members of both development banks, ADB said in a statement Wednesday.
The 12 countries are Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
