And “Invest Corp” said in a statement today, Thursday, that the fund received capital pledges from the Public Investment Fund, amounting to 430 billion dollars, for up to 20 percent of the total size of the fund prior to its first planned closing.
The statement did not specify the size of the fund, but the Financial Times indicated on Wednesday that it could reach $800 million.
The statement said the new fund also received approval from the board of directors of the Asian Infrastructure Investment Bank for a pledge of $90 million.
The statement says that other global investment institutions, including pension funds, insurance companies, endowments, family offices and private clients, may join the fund.
Aberdeen Standard Invest Corp. Infrastructure Partners Fund aims to contribute to the post-Covid-19 economic recovery and reforms in countries across the GCC and MENA region, by investing in sustainable infrastructure projects.