Arab News, Thursday, Jan 13, 2022 | Jamada Al-Aakhirah 10, 1443
APICORP, Islamic Development Bank partner in $1bn infrastructure financing initiative
Arab Petroleum Investments Corporation, or
APICORP, has partnered with the Islamic Development Bank to establish a $1
billion (SR3.75 billion) private sector-focused infrastructure fund.
The fund, called the Infra Initiative, will be
used to finance facilities to strategic utility projects with limited access to
Under the plan, money will be allocated to
electricity generation and transmission projects which utilize renewable energy
and water and waste management facilities.
By encouraging public-private partnerships, the
two firms aim to address low private sector participation in funding energy
projects to bridge the $200 billion investment gap in similar projects among the
Organization of Islamic Cooperation member countries.
The Infra Initiative is planned to launch for an
initial period of three years, including all OIC countries.
Meanwhile, APICORP said its 2021-2025 MENA Energy
Investment Outlook expects the share of private investments in regional energy
projects to reach 27 percent by 2025, up from 8.5 percent in its 2020-2024