Saudi-based Islamic Development Bank (IDB) plans to launch two funds focused on Africa and Asia in 2019, Arab News reported.
The new funds aim to raise a combined $1 billion to help fill a gap in the infrastructure investment among its member countries.
“The funds will help close a deficit in investments for projects such as transportation, energy, and sanitation across the two regions,” said Mohamed Nouri Jouini, vice president of partnership development, on the sidelines of the annual meetings of the International Monetary Fund and World Bank Group.
“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,” he added.
The bank is currently in discussions to attract financial contributions to the new funds and also selecting external managers.