https://arab.news/5hp3s
RIYADH: New energy and infrastructure projects in Nigeria and Malaysia will receive a funding boost, following the approval of $225 million in financing by the Islamic Development Bank.
The developments, given the green light by IsDB President and Group Chairman Muhammad Al-Jasser, focus on socio-economic development and sustainability across key sectors.
The first 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, enhancing Malaysia’s downstream oil and gas chain and fostering economic growth.
Located within the Pengerang Integrated Petrochemical Complex, a petrochemical and refinery hub in Johor, Malaysia, this development will directly contribute to the city’s economic growth by generating development and employment opportunities.
“Johor is one of the three states that have a designated petrochemical zone,” the bank said in a statement.
Additionally, the IsDB Board reviewed progress reports for the group’s Food Security Response Program, which assists member nations in addressing the current crisis in this area.
The IsDB Group reaffirmed its commitment to assisting member countries in pursuing prosperity and achieving their Sustainable Development Goals, while also increasing resilience to future challenges.
In December, the bank approved 16 projects during its board meeting held in Jeddah, with Al-Jasser's approval, totaling $2.12 billion.
The most prominent among the projects was €803.3 million ($845.57 million) in financing to strengthen Indonesia’s healthcare referral network, ensuring universal access to quality medical facilities for its citizens.
The board also approved €187.84 million in financing for the construction of the Guercif-Nador Highway Project in Morocco.
This initiative aims to enhance connectivity in the Oriental region and the Nador West Med port complex by completing 104 km of highway, including 17 bridges and 53 flyovers, by 2029.
Other crucial projects included $144 million in financing to Burkina Faso and $106 million to Uganda aimed at improving living conditions and supporting the transport sector.
Additionally, the bank cleared $300 million in financing for two projects aiding earthquake-affected areas in Turkiye.
Approval was also granted for projects in several other nations, including Mali, Chad, and the Kyrgyz Republic.