Abia State to Receive $125 Million Funding from Islamic Development Bank for Infrastructure Project | #NwokeukwuMascot

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...Islamic Development Bank Allocates $125 Million For Abia State Infrastructure Project | #NwokeukwuMascot 

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 The Islamic Development Bank (IsDB) has earmarked $125 million to facilitate the Abia State Integrated Infrastructure Development Project. This strategic initiative, part of a broader $225 million funding approval, is set to propel new development ventures in Nigeria. The decision was made during the 354th meeting of the IsDB Board of Executive Directors, chaired by H.E. Dr. Muhammad Al Jasser, President and Group Chairman of IsDB. The approval signifies the bank’s commitment to supporting infrastructure projects that enhance market accessibility, social services, and overall mobility for local communities.

The $125 million allocation for Nigeria aims to significantly reduce travel times and costs on major roadways in Abia State. By improving road infrastructure, the project seeks to enhance access to markets and social services for local communities. Additionally, the initiative prioritizes inclusivity by ensuring safe and accessible transportation options for all residents, particularly vulnerable groups.

According to a statement released by IsDB, the project represents a vital step towards fortifying mobility and connectivity within Abia State. It underscores the bank’s dedication to fostering sustainable development and improving the quality of life for communities across Nigeria.


Investment in Malaysia

In addition to the funding for Abia State, IsDB approved a $100 million investment in Malaysia’s Pengerang Energy Complex Project (PEC) under its Public Private Partnership program. The project aims to establish an energy-efficient aromatics complex within the Pengerang Integrated Petrochemical Complex (PIPC) in Johor, Malaysia. This investment is expected to catalyze economic expansion and job creation in the region, particularly in the designated petrochemical zone.

African Development Bank’s Contribution to Abia State

It is worth noting that the African Development Bank Group’s Board of Directors previously approved a $115 million loan to Abia State for a comprehensive road rehabilitation project. This initiative, valued at a total of $263.80 million, includes extensive road network overhaul, erosion control mechanisms, and solid waste management facilities in key cities such as Umuahia and Aba.

The project, scheduled for completion by 2029, will rehabilitate 248.46 km of roadways, upgrading them to asphaltic concrete standards. Additionally, it aims to enhance community welfare through capacity building, project management, and social infrastructure improvements.


Conclusion

The IsDB’s allocation of $125 million for the Abia State Integrated Infrastructure Development Project underscores its commitment to fostering sustainable development and economic growth in Nigeria. By investing in critical infrastructure projects, IsDB aims to improve market accessibility, enhance social services, and promote inclusive growth for local communities. As these initiatives progress, they are expected to contribute significantly to Nigeria’s development agenda and pave the way for a more prosperous future.

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