The Islamic Development Bank (IDB) plans to sell $1 billion of Islamic bonds to fund development projects in its member countries, Vice President Abdul Aziz Al Hinai said on Tuesday. The five-, seven- and 10-year Sukuk, part of the IDB's $3.5 billion Medium-Term Note program, will be issued in the fourth quarter and listed in London and Kuala Lumpur, Al Hinai told reporters in the Malaysian capital after registering a separate ringgit issuance on the local exchange. CIMB Group Holdings Bhd. and four international banks will manage the sale, he was quoted as saying by the Jeddah-based Saudi Gazette.
