IsDB approves $225m to finance new energy, infrastructure projects

The Islamic Development Bank (IsDB) has approved approximately $225 million in funds to finance two projects that focus on socio-economic development and sustainability. 

Nigeria secured a $125 million financing package to contribute to the Abia State Integrated Infrastructure Development Project to ensure safe, accessible transportation. 

The undertaking aims to reduce commuting time and costs along key roads, as well as enhance access to markets and social services for local communities. 

Meanwhile, $100 million has been earmarked for a project in Malaysia to develop a sustainable energy-efficient complex in Pengerang, to grow the country’s downstream oil and gas chain. 

The Pengerang Energy Complex Project will be located in a petrochemical and refinery hub in Johor, contributing to its economic growth through development and employment opportunities. 

Johor is one of the three states that have a designated petrochemical zone.

The bank’s board also reviewed progress reports on its food security response program that backs member countries in mitigating the current food crisis and strengthening resilience to potential challenges in the future.