Jeddah-based Islamic Development Bank (IDB) is looking to issue a $1 billion green sukuk in 2018 in order to finance renewable energy projects, Reuters reported, citing Zamir Iqbal, vice president finance and chief financial officer.

 

“Our objective would be to get a benchmark, so a billion U.S. dollars, but the projects may not be that size ... we may just do a smaller one,” Iqbal said, adding that he hoped the issuance would be this year.

 

IDB is considering investing in renewable energy projects in Morocco and Turkey, he added.

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