Saudi's Public Investment Fund backs IFC's African, Latin American and Caribbean fund
Saudi Arabia’s government owned Public Investment Fund has invested $100m in a subsidiary owned by the International Finance Corp, the private-sector arm of the World Bank, which will invest in Africa and Latin America, an executive at the corporation said.
Rashad Kaldany, IFC’s vice president for Asia, Eastern Europe, Middle East and North Africa, said the PIF had put the money in the African, Latin American and Caribbean Fund, which was launched in April and has investment commitments totaling $950m as of June 30.
He was speaking in an interview in Riyadh on November 3.
As of June 30, ALAC had invested $66m in its first three transactions, according to the IFC.
Other investors in the ALAC fund include the Dutch pension fund manager PGGM, the Korea Investment Corporation, the State Oil Fund of Azerbaijan and the United Nations’ Joint Staff Pension Fund.
The IFC invested $2.2bn in Africa last year and it plans to increase its investment in its 2011 fiscal year, Chief Executive Officer Lars Thunell said in an interview at the World Economic Forum in Marrakesh, Morocco on October 27.