- The first IsDB investment involves a $125 million financing package to Nigeria, supporting the Abia State Integrated Infrastructure Development project.
- The second package is a $100 million investment in the Pengerang Energy Complex for Malaysia under the bank’s public-private partnership program.
The Islamic Development Bank (IsDB) has approved $225 million in financing for energy and infrastructure projects in Nigeria and Malaysia. The President and Group Chairman of IsDB, Muhammad Al-Jasser, disclosed that the funding focuses on socio-economic development and sustainability across critical sectors.
The first investment involves a $125 million financing package to Nigeria, supporting the Abia State Integrated Infrastructure Development project. This initiative aims to decrease travel times and costs along key roads while enhancing access to markets and social services for local communities.
This project will also improve overall mobility by ensuring safe and accessible transportation for all residents, including vulnerable groups. The second package approved by the board entails a $100 million investment in the Pengerang Energy Complex for Malaysia under the bank’s public-private partnership program.
This project aims to develop a sustainable, energy-efficient aromatics complex in Pengerang (which houses a petrochemical and refinery hub in Johor, Malaysia), enhancing Malaysia’s downstream oil and gas chain and fostering economic growth.
This development will directly contribute to the city’s economic growth by generating development and employment opportunities. The IsDB Group reaffirmed its commitment to assisting member countries in pursuing prosperity and achieving sustainable development goals while increasing resilience to future challenges.
In December, the bank approved 16 projects during its board meeting held in Jeddah, with Al-Jasser’s approval, totalling $2.12 billion.