APICORP and Islamic Development Bank Launch $1 Billion Financing Plan to Back Arab Region Utility Projects

Posted on 01/13/2022

Arab Petroleum Investment Corporation (APICORP) and the Islamic Development Bank have launched a US$ 1 billion financing initiative to support utility projects in the Arab region. The funds will be for electricity generation and transmission projects that utilize renewable energy or natural gas, as well as water and waste management facilities. The capital will be used to support energy transition efforts in the Arab region. The financing initiative will initially run for a three-year period.

Beneficiaries will include all the member countries to the Saudi Arabia-headquartered Organization of Islamic Cooperation (OIC), including the 10 member states common to APICORP and the Islamic Development Bank.

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