DUBAI: Islamic Development Bank, which provides financing and loans in Muslim countries, has more than tripled its authorised capital to $150bn to better support development projects in its 56 member nations, the bank said yesterday.
The increase in capital, which was last raised in 2006, will allow the IDB to finance more and bigger schemes, said Davlatali Saidov, chairman of the IDB board of governors. Energy, transportation, and water and sanitation projects make up about 60 percent of the portfolio of the AAA-rated IDB, which also sets up and manages funds in accordance with sharia principles.
Reuters
