Saudi Arabia to invest $195 mln into ICD’s capital hike

The Saudi cabinet approved a proposal for the government to invest $194.8 million into the Islamic Corporation for the Development of the Private Sector’s (ICD) capital increase, through the subscription of 19,483 shares.

ICD, the private sector arm of the Islamic Development Bank Group (IDB), was established to support economic development in member countries by financing private sector projects. The entity has an authorized capital of $4 billion.

ICD’s shareholders include IDB, 52 Islamic countries and five public financial institutions. ar