Qatar will launch an Islamic bank with $10 billion of capital to fund projects related to oil and gas, petrochemicals and renewable energy around the world. The bank, set to become operational in the fourth quarter, has received $2.5 billion of state funding so far, but it is unclear how it will raise the additional $7.5 billion. It issued a statement saying it would be the largest Islamic, energy-focused lender in the world, and would target private-sector and government-backed energy projects, both at home and abroad.
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