Islamic Development Bank plans $1b infra funds focused on Asia, Africa

A Banner with arabic countries flags are seen at the entrance of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018. Picture taken May 31, 2018. REUTERS/Reem Baeshen

The Saudi-based Islamic Development Bank (IDB) plans to launch two funds focused on Africa and Asia next year, aiming to raise a combined $1 billion to help fill a gap in infrastructure investment among its member countries.

The plans from the IDB, the largest development organisation in the Muslim world, follow the launch of a $500 million technology-focused fund in April of this year.

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