The private sector arm of the Islamic Development Bank has set up a new fund to help address food security in Islamic countries.
The Food & Agribusiness Fund, launched June 11, is a public-private partnership between the Islamic Corporation for the Development of the Private Sector and a management team advised by Robeco, a subsidiary of Dutch Rabobank, CPI Financial reports. It will invest in initiatives to boost food production, supply and trade, and, in effect, create jobs and spur economic growth.
The fund is anticipated to raise $350 million and start operations by year’s end. It aims to reach $600 million in capital, which will come from governments and multilaterals as well as institutional investors. It will be managed by a specialized asset management company that will include professionals from ICD and Robeco, according to CPI Financial.
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