KSA Business: Apicorp, IsDB launch $1bn infrastructure funds initiative – Gulf Digital News

KSA Business: Apicorp, IsDB launch $1bn infrastructure funds initiative – Gulf Digital News

The Arab Petroleum Investments Corporation (Apicorp), an energy-focused multilateral development financial institution, has partnered with the Islamic Development Bank (IsDB) to set up the Infra Initiative, a $1 billion private sector-focused infrastructure financing initiative.

The Infra Initiative’s funds will be used to finance strategic utility projects that contribute to human and economic development in the two multilateral financial institutions’ member countries and their respective national development strategies.

The two institutions will jointly identify and deliver structured finance facilities to utilities projects with limited access to international financing, said the statement from Apicorp. 

The scope of Infra Initiative, which will launch for an initial period of 3 years, includes all OIC countries, with priority given to the 10 member countries common to the duo. 

However, projects in other countries are also eligible provided they are sponsored by a company headquartered in one of the shared member states, it stated.

Under the Infra Initiative, funds will be allocated to electricity generation and transmission projects which utilise renewable energy or natural gas, as well as water and waste management facilities. 

The involvement of the private sector at the local, regional, and international levels will also be a priority in the project