IsDB launches Saudi-backed $100 million fund

TASHKENT: The Islamic Development Bank (IDB) is launching an economic development fund in Uzbekistan, which is backed by Saudi investors, Arab News reported.

The fund has an initial capital of $100 million, and will target 34 micro, small, and medium enterprises.

It is also expected to generate 100,000 jobs, and help address poverty in the country.

The new economic fund is part of the IsDB’s series of development activities in Uzbekistan, which so far stand at $2.4 billion in value.