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Economy

Mizuho opens $300m Islamic credit facility to Jeddah group

Islamic Development Bank unit plans to fund projects in developing countries

ICD CEO Khaled Al Aboodi, left, Mizuho Bank Malaysia Deputy CEO Shinichi Nishiyama, right, sealed the $300 million Islamic financing deal on Monday.

KUALA LUMPUR -- Mizuho Bank Malaysia on Monday opened a $300 million credit facility to the Islamic Corporation for the Development of the Private Sector, or ICD.

The two-year deal will finance projects in the member countries of ICD, the private sector arm of Islamic Development Bank Group. The Jeddah-based multilateral group serves 52 Islamic countries and five public financial institutions largely in the developing world.

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