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Jakarta Post

ADB, IDB setting up Islamic fund to finance infrastructure

  • The Jakarta Post

Jakarta   /   Thu, June 4 2009   /  12:51 pm

To speed up the development of infrastructure projects, highly needed 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 contribute sharia-compliant equity investments in 12 Asian countries - all of which are borrowing members of both 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. Most of the countries are in need of additional spending on infrastructure to accelerate economic growth, but the state of their infrastructure is frequently below that of the Asian average, according t...