Qatar plans to launch an Islamic bank focused on financing energy projects in the fourth quarter of 2019, an executive of the new institution said March 19.

Energy Bank has paid-up capital of $2.5 billion and seeks to raise this to $10 billion, the chairman of its media committee, Mohammed al-Marri, said at a news conference. The new bank will finance private-sector and government projects in Qatar and elsewhere, he reportedly added, without specifying how it planned to raise the additional capital or how much it would put toward projects beyond Qatar.