Islamic Bank fixes Indian infra sector on radar

One of the largest lenders to Muslim countries, Islamic Development Bank Group, is increasingly interested in exploring tie ups and joint ventures with other multilateral development banks to invest in India's infrastructure sector in a big way, said President Bandar M.H. Hajjar, reiterating that the development is significant given India's infrastructure requirements and the need to access capital at competitive rates. Infrastructure development has been one of the focus areas of the current government. Starting with an allocation of around ₹1.81 trillion in 2014-15, expenditure towards infrastructure reached ₹4.94 trillion in 2017-18. India plans to invest as much as ₹5.97 trillion in creating and upgrading infrastructure in the current financial year. In view of this, the Jeddah-based bank is exploring joint opportunities through a line of guarantees and pooled and blended financing. With 57 member countries, Islamic Development Bank has financed $130.8 billion since inception.