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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About the author

  • Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.

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