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Jeddah-based IDB launches USD600m fund

13 Jun 2012

(MENAFN) Jeddah-based Islamic Development Bank (IDB) launched a USD600 million fund targeting food and agriculture projects, Reuters reported.

The fund, to be run by a joint venture between the Islamic Corporation for the Development of the Private Sector (ICD), a unit of the IDB, and Dutch asset manager Robeco, aims to promote steady food supply, an issue widely seen as vital for the Arab Spring rebellions.

IDB will make private equity investments in food and agriculture projects as well as companies across various target countries in a sharia-compliant way.

The fund seeks to secure an initial USD350 million by the end of the year to begin operations, targeting institutional investors as well as governmental and multilateral organizations and will have a 10-year term.

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