The Islamic Corporation for the Development of the Private Sector and the IL&FS Investment Managers Limited signed a Shareholder Agreement to establish an infrastructure Fund focused on Africa. Mr. Khaled Al-Aboodi, Chief Executive Officer of ICD, and Mr. Krishna Kumar, Chief Executive Officer of IIML signed the agreement in Jeddah. ICD and IIML will collaborate to establish this Fund in order to finance small to mid-sized infrastructure projects in the member countries with a focus on Africa. The Fund will target mainly the power and transportation sectors and will promote integrated projects within Africa. It will be the first of its kind, financing fund following Sharia'h principles and targeting all the impactful sub-sectors within the infrastructure sector, which includes healthcare, transportation, utilities, power and telecom industries. The aim of the fund is to finance commercially viable projects and deliver more sustainable and thus catalyzing infrastructure for private sector development mainly on the continent of Africa.