The transaction is an equity investment of up to $100 million in the Islamic Infrastructure Fund, which will make strategic Shari'-ah-compliant investments in infrastructure projects that have membership in both ADB and Islamic Development Bank (IDB).
|Project Name||REG: ISLAMIC INFRASTRUCTURE FUND|
|Borrower/Company||ISLAMIC INFRASTRUCTURE FUND L.P.
|Type or Modality of Assistance||
|Strategic Agendas||Regional integration
|Drivers of Change|
|Sector / Subsector||
Finance - Infrastructure finance and investment funds
|Gender Equity and Mainstreaming|
|Responsible ADB Department||Private Sector Operations Department|
|Responsible ADB Division||Portfolio Management Division, PSOD|
|Responsible ADB Officer||Taneja, Anshukant|
|Description||The transaction is an equity investment of up to $100 million in the Islamic Infrastructure Fund, which will make strategic Shari'-ah-compliant investments in infrastructure projects that have membership in both ADB and Islamic Development Bank (IDB).|
|Objectives and Scope||The Fund's strategy will be to make strategic Shari'ah-compliant investments in infrastructure projects in countries that have memberships in both ADB and Islamic Development Bank (IDB), namely: Afghanistan, Azerbaijan, Bangladesh, Indonesia, Kazakhstan, Kyrgyz Republic, Malaysia, Maldives, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The investment objective of the Fund Manager is to generate attractive financial returns across an anticipated portfolio of investments by collaborating with credible, experienced partners to invest in a diversified portfolio of cash-yielding, capital growth-oriented infrastructure investments including greenfield projects.|
|Linkage to Country/Regional Strategy||This project aims to establish, along with the Islamic Development Bank, a Shari'ah-compliant private equity fund, to invest in infrastructure projects throughout member countries common to the two institutions. The initiative proposed in this transaction is in line with ADB's strategic priorities, which include the provision of infrastructure financing throughout its developing member countries. ADB will take an increasingly catalytic role in mobilizing private sector resources and in facilitating public-private partnerships in the provision of infrastructure.|
Summary of Environmental and Social Aspects
|Environmental Aspects||The Fund will be classified as category FI (financial intermediary) under ADB's environment policy and will be required to (i) adopt an appropriate environmental management system comprising policies and procedures; and (ii) undergo training in environmental impact assessment and auditing.|
|Stakeholder Communication, Participation, and Consultation|
Timetable for assistance design, processing and implementation
|Concept Clearance||10 Mar 2008|
|Due Diligence||23 May 2008|
|Credit Committee Meeting||31 Mar 2009|
|Approval||28 Apr 2009|
|PDS Creation Date||13 Mar 2008|
|Last PDS Update||29 Sep 2014|
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