$125 million has been set aside by the Islamic Development Bank (IsDB) to support the Abia State Integrated Infrastructure Development Project.
This strategic plan is a part of a larger $225 million financial approval intended to support new development enterprises, as disclosed by the IsDB in a statement.
At the 354th meeting of the bank’s Board of Executive Directors, which was presided over by the distinguished H.E. Dr. Muhammad Al Jasser, President and Group Chairman of IsDB, two crucial projects intended to strengthen socio-economic growth and sustainability in vital sectors were approved.
Nigeria’s $125 million allotment is expected to yield substantial savings in terms of travel times and expenses on major roads, while also improving market accessibility and social services for the local population.
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The project, which places a strong emphasis on inclusivity, aims to improve mobility for all citizens by giving safe and convenient transportation options first priority, especially for vulnerable community members.
Additionally, the IsDB authorized a $100 million Public Private Partnership program investment in Malaysia’s Pengerang Energy Complex Project (PEC). In Johor, Malaysia, the Pengerang Integrated Petrochemical Complex (PIPC) aims to house a state-of-the-art, energy-efficient aromatics complex.
The project intends to boost Johor’s designated petrochemical zone in particular, as well as Malaysia’s downstream oil and gas industry. It also hopes to stimulate economic growth and job creation in the region.
