HomeFeaturesIslamic Devt Bank To Release $125m For Road Projects In Abia

Islamic Devt Bank To Release $125m For Road Projects In Abia

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The Government of Abia State has attracted $125m in funding from the Islamic Development Bank (ISDB) for road projects in the state.

Consequently, the $125m is allocated to the Integrated Infrastructure Development Project, a project which was launched in 2023 by the State Governor, Dr Alex Otti.

President and Group Chairman of IsDB, H.E. Dr Muhammad Al Jasser, approved the funding at the 354th meeting of the Board of Executive Directors which was held over the weekend.

The Eastern Updates reports that at the meeting, the bank approved $225m in funding approval for development projects aimed at fortifying socio-economic growth and sustainability across key sectors.

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The IsDB also approved a $100M Pengerang Energy Complex Project (PEC) for Malaysia under the Bank’s Public Private Partnership program.

IsDB said, “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 IsDB Group reaffirmed its commitment to supporting member countries’ pursuit of prosperity and achieving their Sustainable Development Goals.

Governor Otti last year assured that his administration would partner with multilateral organisations to reconstruct and rehabilitate 248.46 kilometres of roads in the State.

This was among the vision that inspired the launch of the Abia State Integrated Infrastructure Development Project (ABSIIDP)

The project covers the rehabilitation of roads and erosion control infrastructure as well as the finalisation of preparatory studies for solid waste disposal management in the cities of Aba and Umuahia.

The beneficiaries of the ABDIIDP are the 553,000 and 814,000 people who live in Umuahia and Aba respectively, representing over 30 per cent of the total population of Abia State.

The Eastern Updates

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