A new regional energy fund was launched at the World Economic Forum at Sharm-el-Sheikh by the Bahrain-based Ithmaar Bank.
The $1 billion Ithmaar Kazyma CIS Energy fund has been launched in partnership with Kazyma Capital Management of Kazakhstan, a Khaleej Times report said.
The fund is likely to run for 10 years and will target the Commonwealth of Independent States' (CIS) strong demand for investment in the energy and related sectors.
Michael P Lee, CEO of Ithmaar Bank, and Arman Dunayev, CEO of Kazyma, launched the fund at a signing ceremony in Sharm-el-Sheikh.