The launch of a $600 million Food and Agribusiness Fund was announced yesterday by Mr Farid Masood, Director of the Islamic Corporation for the Development of the Private Sector (ICD).
The fund is a strategic partnership between ICD and a qualified management team, advised by Robeco - a subsidiary of Dutch Rabobank. With an objective to promote strategic investment flows and expertise into the food and agricultural sector in Islamic countries, the ICD Fund will address growing food security concerns by capitalising on the region’s largely under-exploited potential for increased food production and supply.
Investing in a wide range of strategic and commercially sustainable initiatives across the entire food and agriculture value chain, ICD’s launch of the fund comes at an opportune time. Recent unprecedented food shortages and price increases have forced food security to the forefront of matters meriting international concern.
The issue, according to the ICD, was more pronounced for various Islamic countries characterised by arid climates and/or underdeveloped food and agricultural sector. Under ICD’s sponsorship, the fund is set to raise $600 million from governmental, multilateral and institutional investors in Islamic countries and beyond.
The fund’s concept and capabilities are widely recognized and the fund is receiving strong interest from several target investors already.