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The Islamic Development Bank (IsDB) has revealed it earmarked $125 million to facilitate the Abia State Integrated Infrastructure Development Project.
This strategic initiative, revealed in a statement by the IsDB, is part of a broader $225 million funding approval designed to propel new development ventures.
Chaired by the esteemed H.E. Dr Muhammad Al Jasser, President and Group Chairman of IsDB, the bank’s 354th meeting of the Board of Executive Directors saw the green light given to two pivotal projects aimed at fortifying socio-economic growth and sustainability in critical sectors.
About the Loan
The $125 million allocation for Nigeria is poised to significantly reduce travel times and costs on major roadways, concurrently enhancing market accessibility and social services for the local populace.
Emphasizing inclusivity, the project promises to bolster mobility for all residents, prioritizing safe and accessible transport options, notably for vulnerable community segments.
The statement read:
“Nigeria secured a US$125 million financing package to contribute to the Abia State Integrated Infrastructure Development Project. The project aims to reduce travel times and costs along key roads, while also improving access to markets and social services for local communities.
“Additionally, the project will enhance overall mobility by ensuring safe and accessible transportation for all residents, including vulnerable groups.”
$100 million for Malaysia
The IsDB also approved a $100 million investment in Malaysia’s Pengerang Energy Complex Project (PEC) under its Public Private Partnership programme. This endeavor seeks to establish a cutting-edge, energy-efficient aromatics complex within the Pengerang Integrated Petrochemical Complex (PIPC) in Johor, Malaysia.
The project aims to enrich Malaysia’s downstream oil and gas sector and catalyse economic expansion and job creation in Johor, particularly benefiting its designated petrochemical zone.
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