$100million fund launched in Uzbekistan

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Tashkent

The Islamic Development Bank is launching an economic development fund in Uzbekistan, which is backed by Saudi investors.

The fund has an initial capital of $100 million, and will target 34 micro, small, and medium enterprises.

It is also expected to generate 100,000 jobs, and help address poverty in the country. The new eco-nomic fund is part of the IsDB’s series of develop-ment activities in Uzbekistan, which so far stand at $2.4 billion in value.

Meanwhile, the Saudi mining sector is witnessing a significant transformation and a high demand from investors since the launch of the new Mining In-vestment Law early this year, said Khaled Al-Mudaifer, vice minister for mining affairs, Ministry of Industry and Mineral Resources.

There will be international demand for the sector in the future, he said during an interview with Al Arabiya. The Kingdom is the fourth largest country in the world for importing minerals, he said.

The International Future Metals Conference in its first session next January, will constitute a platform for mining investments in the Middle East, Central Asia and Africa, he said.—AN

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