Islamic Development Bank Funds New Development Projects with $225 Million

The Islamic Development Bank (IsDB) has sanctioned the allocation of approximately US$225 million to fund new development projects in member countries. These projects, which prioritize socio-economic development and sustainability across key sectors, received approval from the Board of Executive Directors during their 354th meeting.

Nigeria is slated to receive a financing package of US$125 million to bolster the Abia State Integrated Infrastructure Development Project. The primary objective of this initiative is to reduce travel times and costs along crucial roads, as well as to enhance access to markets and social services for local communities. Moreover, this project strives to improve overall mobility by providing safe and accessible transportation for all residents, including vulnerable groups.

Conversely, the Board has also sanctioned the US$100 million Pengerang Energy Complex Project (PEC) in Malaysia, as part of the Bank’s Public Private Partnership program. The principal aim of this venture is to establish a sustainable, energy-efficient, state-of-the-art aromatics complex in Pengerang, with the intention of adding value to Malaysia’s downstream oil and gas chain and fostering economic growth. Positioned within the Pengerang Integrated Petrochemical Complex (PIPC), a center for petrochemical and refinery in Johor, Malaysia, this project is anticipated to directly contribute to the economic growth of Johor by generating development and employment opportunities.

In addition to these projects, the IsDB Board also devoted time to reviewing progress reports on the IsDB Group Food Security Response Program (FSRP), which is tailored to aid member countries in mitigating the current food crisis and enhancing their resilience to future food security challenges.

Throughout this decision-making process, the IsDB Group reiterated its steadfast commitment to supporting member countries in accomplishing their Sustainable Development Goals and fortifying their resilience to future development obstacles. With a strong emphasis on promoting sustainable development and economic growth, these approved projects are poised to make a substantial impact in their respective countries.