São Paulo – The Islamic Development Bank (IDB), a multilateral fostering institution headquartered in Saudi Arabia, in partnership with Dutch asset management Robeco, launched on Monday (11) a US$ 600 million fund turned to food and agriculture, with the objective of investing in projects to promote constant food supply to Islamic countries. The information was disclosed on the site of magazine Arabian Business and of the Saudi International Islamic News Agency.
The Islamic Corporation for the Development of the Private Sector (ICD), the IDB and Robeco will work on joint management of the fund. Apart from investment, the fund should promote knowledge in the areas of food and agriculture in Muslim nations.
The fund is the first public private partnership of this nature and size to address the inefficiencies and wastage facing the food and agricultural sector throughout our member countries," said Khalid Al-Aboodi, chief executive of the ICD, according to Arabian Business.
"Boosting regional food production, supply and trade, the fund’s investments will also lead to creation of jobs, transfer of technology, promotion of sustainable practices and poverty alleviation," said the executive.
The US$ 600 million of the fund should be raised from governmental, multilateral and institutional investors world over. Managers hope to have revenues of US$ 350 million by the end of this year to start operations, which should have a ten-year term.
*Translated by Mark Ament
