IDB aims to triple size of infrastructure fund to $2 bln

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By Bernardo Vizcai** June 27 (Reuters) - The Islamic Development Bank (IDB) has relaunched its infrastructure fund with backing from Saudi Arabia, Bahrain and Brunei, aiming to raise $2 billion - almost triple the size of the original fund. Jeddah-based IDB, a multilateral lender that promotes eco**mic development in Muslim countries and communities, has ramped up its development efforts after it more than tripled its authorised capital in 2012. With a combined $750 million in commitments from the three countries, the fund is targeting a final closing for early next year, the AAA-rated IDB said in a statement late on Thursday. Newly-formed ASMA Capital Partners will manage the IDB fund, a Bahrain-based asset management firm owned by the IDB and the three sovereigns through their pension funds and finance ministries.

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