Saudi-based ICD halts plan for $1 billion fund with IL&FS

The Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) halted plans for a $1 billion fund with IL&FS while the Indian firm undergoes a restructuring. The government took control of IL&FS this month after the company defaulted on some of its debt obligations, sparking fears of wider contagion in the country's financial sector.

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