The World Bank's International Finance Corporation (IFC) plans to raise about USD 100 million in Islamic bonds, three bankers familiar with the deal said on Oct. 14. HSBC, Dubai Islamic Bank, Kuwait Finance House Bahrain and Liquidity Management House have been mandated to arrange a roadshow for the sukuk, the bankers said. "It's not to raise cash, they would like to show their commitment to the region … they're doing some financing on an Islamic basis here," one of the bankers said. "They have only a few ijara contracts, that's really the limiting factor," he said. The roadshow will start on Oct 18 and will visit Riyadh, Abu Dhabi, Dubai and Bahrain, they said. Islamic bonds do not pay interest, with returns being derived from underlying assets instead.
Norway and the World Bank are in discussions over setting up a new trust fund to help developing countries create and deploy carbon capture and storage (CCS) technology. The fund is still in the planning stages, and World Bank officials declined to discuss it beyond acknowledging "expressions of interest" with an unnamed bilateral donor, the New York Times reported. But think tanks, nonprofits and industry groups familiar with the proposal said Norweigan leaders first publicly floated the plan at a Sept. 14 World Bank workshop on CCS needs and concerns in developing nations. At the workshop, Norway announced it will give 35 million kroner (about USD 6 million) for a World Bank trust fund to help nations develop and deploy the technology.