In a press statement, President of Islamic Development Bank (IDB) Group Dr.
He added that the fund is the second of its kind and the decision came in the framework of the IDB's celebration of its 40th founding anniversary to be the largest fund of private equity in the infrastructure sector.
The capital of the IDB's first infrastructure fund was estimated at
Meanwhile, the IDB's the 39th Annual Meeting approved in its closing session Thursday the ten-year strategy of the bank and re-elected Dr. Ali as a president for the bank for new five-year term. Minister of Finance
On the sidelines of the meeting, experts at the 25th IDB Annual Symposium on "Strengthening Regional Economic Cooperation & Integration for Development in IDB Member Countries" have called for further convergence and promotion of efforts in Shariah compliant banking and business around the world.
The experts made the call in
"IDB has successfully created about 20 banks, which could be merged into one bank so that it could conduct business and compete with the conventional Banks", said Dr Abdullah Ibrahim El-Kuwaiz, Chairman of
Dr El-Kuwaiz suggested that IDB could work towards a global
The experts at the Symposium also called on IDB to consider creating a specialized bank for
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