Islamic Development Bank Opens Clean-Energy Fund in Central Asia
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Islamic Corp. for the Development of the Private Sector, the investment arm of the Saudi Arabia-based Islamic Development Bank, started a fund to finance renewable-energy projects in Central Asia and plans another in Africa.
The $35 million Central Asian fund is based in Kazakhstan, Islamic Corp.’s Chief Executive Officer Khalid al-Aboodi said today in Manama, Bahrain. The North Africa fund, expected to be about $35 million to $50 million in size, will open soon.