Lagos, March 18, 2024 – The Islamic Development Bank (IsDB) has earmarked $125 million to facilitate the Abia State Integrated Infrastructure Development Project.
The bank, which disclosed this in a statement, said the fund would be part of a broader $225 million funding approval designed to propel new development ventures.
Dr Muhammad Al Jasser, the President and Group Chairman of IsDB, said the bank gave its approval at its 354th meeting of the Board of Executive Directors.
He said approval were given to two pivotal projects aimed at fortifying socio-economic growth and sustainability in critical sectors.
.The statemen 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.”
The IsDB also approved a $100 million investment in Malaysia’s Pengerang Energy Complex Project (PEC) under its Public Private Partnership programme. (GBN)
