Jeddah, Kingdom of Saudi Arabia, 16 March 2024 -The Islamic Development Bank (IsDB) has approved approximately US$225 million to finance new development projects in member countries, the bank said in a statement on Saturday.

The Board of Executive Directors, chaired by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, approved two projects during their 354th meeting that focus on socio-economic development and sustainability across key sectors.

Nigeria secured a US$125 million financing package to contribute to the Abia State Integrated Infrastructure Development Project. The project aims to reduce travel times and costs along key roads, while also improving access to markets and social services for local communities. Additionally, the project will enhance overall mobility by ensuring safe and accessible transportation for all residents, including vulnerable groups.

The Board also approved the US$100 million Pengerang Energy Complex Project (PEC) for Malaysia under the Bank’s Public Private Partnership program. The project aims to develop a sustainable, energy-efficient, state-of-the-art aromatics complex in Pengerang, thereby adding value to Malaysia’s downstream oil and gas chain and promoting economic growth. The project will be located in the Pengerang Integrated Petrochemical Complex (PIPC), a petrochemical and refinery hub in Johor, Malaysia and will contribute directly to Johor’s economic growth by stimulating economic growth through development and employment opportunities. Johor is one of the three states that have a designated petrochemical zone.

The IsDB Board also reviewed progress reports on the IsDB Group Food Security Response Program (FSRP). This program supports member countries in mitigating the current food crisis and strengthening their resilience to future food security challenges.

The IsDB Group reaffirmed its commitment to supporting member countries' pursuit of prosperity and achieving their Sustainable Development Goals, while also strengthening their resilience to future development obstacles.