The World Bank and Islamic Development Bank have started talks with countries interested in supporting a new fund that will back Arab infrastructure projects.
The Arab Financing Facility for Infrastructure will initially target a few demonstration projects to help spur further infrastructure investments, Birama Sidibe, IsDB vice president of operations, said Tuesday (April 5) during the launch of the fund in a conference in Jordan.
“Countries interested in supporting AFFI have started a dialogue with the World Bank and Islamic Development Bank to identify and develop priority projects for AFFI financing. At the same time, we are moving ahead to mobilize private sector money for regional projects and are now in the advanced stages of recruiting a Fund Manager to oversee the investment fund vehicle being created,” the IsDB official said in a World Bank news release.
The fund seeks to mobilize some $1 billion in new financing.
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