The Islamic Development Bank (IsDB) has announced a commitment of $125 million to support the Abia State Integrated Infrastructure Development Project.
This funding is part of a larger $225 million approval aimed at advancing development initiatives.
Chaired by H.E. Dr. Muhammad Al Jasser, President and Group Chairman of IsDB, the bank’s 354th meeting of the Board of Executive Directors approved the financing for two key projects. These projects are intended to enhance socio-economic growth and sustainability across vital sectors.
The $125 million allocated to Nigeria is expected to significantly reduce travel times and costs on major roads, thereby improving market accessibility and social services for local residents. The project emphasizes inclusivity by prioritizing safe and accessible transport options, especially for vulnerable community segments.
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The IsDB also approved a $100 million investment in Malaysia’s Pengerang Energy Complex Project (PEC) under its Public-Private Partnership program. This initiative aims to establish an energy-efficient aromatics complex within the Pengerang Integrated Petrochemical Complex (PIPC) in Johor, Malaysia. The project is expected to boost Malaysia’s downstream oil and gas sector, leading to economic expansion and job creation in Johor.
In a related development, the African Development Bank Group’s Board of Directors approved a $115 million loan to Abia State for a comprehensive road rehabilitation project. This project, valued at $263.80 million, includes an extensive overhaul of the road network in Umuahia and Aba, as well as erosion control mechanisms and solid waste management facilities.
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The project, scheduled for completion by 2029, will upgrade 248.46 kilometers of roadways to asphaltic concrete standards, focusing on improving community welfare through capacity building and enhancing social infrastructure. This marks a significant step towards sustainable development and an improved quality of life in Abia State.