Saudi-based Islamic Corporation for the Development of the Private Sector (ICD) halted plans for US$ 1 Billion fund with Infrastructure Leasing and Financial Services Group (IL&FS) Energy development company ltd. The Indian firm IL&FS recently undergone a restructuring. Indian government took control IL&FS after the infrastructure financing and construction company defaulted on debt accusations.

ICD decided to put the project on hold after reviewing the situation of IL&FS carefully. The company ICD signed a shareholder agreement with the private equity arm of IL&FS to launch an Africa-focused infrastructure fund with $105m in seed capital in January. 

The Indian government replaced all board members of IL&FS and considering all options to revive the company.