LONDON: The Asian Development Bank and the Islamic Development Bank have launched a $500 million Islamic infrastructure fund, manager and adviser CIMB Standard said on Thursday.

The two banks said last month they would set up the fund to invest in the 12 countries that are borrowing members of both banks, including Afghanistan, Bangladesh, Indonesia, Kazakhstan, Malaysia, Pakistan and Uzbekistan.
 
The fund will receive initial commitments of $250 million each from the ADB and IDB, CIMB Standard said in a statement.
 
The fund is the ADB’s first Islamic fund. The bank estimates infrastructure needs in Asia to be around $250 billion a year for the next decade. — Reuters