The Asian Development Bank (ADB) and the Islamic Development Bank (IDB) agreed, in June 2009, to set up Asia’s first major multi-country Islamic infrastructure fund.
The Islamic Infrastructure Fund, targeted at US$ 500 million, will make Shari’ah-compliant equity investments in the 12 countries that are borrowing members of both development banks; currently Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.
The full press release and the video interview below mentions urban water supply in Indonesia as an example of where investment is needed.
Source: ADB, 02 Jun 2009
Johanna Klein, ADB Investment Specialist discusses the establishment of the new Islamic infrastructure fund.