IslamicFinance.de

The Islamic Development Bank (IDB) announced it would launch a $2.5 billion sukuk "soon". Bank President Bandar Hajjar said the IDB was also planning to set up a $500 million fund to support science and technology start-ups. The institution has recently hired banks as joint lead managers and bookrunners for a new U.S. dollar-denominated sukuk. The banks are CIMB, Citi, Emirates NBD Capital, Gulf International Bank, HSBC, NATIXIS, SMBC Nikko and Standard Chartered Bank. Hajjar added he expected to sign a memorandum of understanding with the China-led Asian Infrastructure Investment Bank (AIIB) soon, on joint investing in Africa. Timing and size of the cooperation were not disclosed, but it would target the 26 poorest countries on the continent.