IslamicFinance.de

The Islamic Development Bank (IDB) and the World Bank will engage in public-private partnerships (PPP) for infrastructure development projects. Representatives of both institutions met recently and discussed issues included in IDB’s report "Mobilising Islamic Finance for Infrastructure-Public Private Partnership". IDB spokesperson Dr. Abdul-Hakim Elwaer said these partnerships fall in line with the new development orientations of IDB member countries including Saudi Arabia, whose ambitious 2030 plan is targeting to increase the private sector’s contribution to the GDP from 40-60%. Elwaer added that Saudi Arabia is hoping to achieve these goals by seeking out PPPs and promoting the privatization of government entities.