Melvin Onwubuke
The Islamic Development Bank has earmarked $125 million to facilitate the Abia State Integrated Infrastructure Development Project.
According to the statement, the strategic initiative was part of a broader $225 million financing approved by the Islamic Bank to promote new development projects, according to nairametrics.
The 354th meeting of the Board of Executive Directors of the Islamic Development Bank, headed by the distinguished H.E. Dr. Muhammad Al Jasser, President and Group Chairman of the Islamic Development Bank, saw two key projects approved aimed at strengthening social economic growth and sustainability in critical sectors.
The $125 million allocation for Nigeria is poised to substantially reduce travel times and costs on major roadways, concurrently promoting market accessibility and social services for the local populace.
Emphasising inclusivity, the project promises to bolster mobility for all residents, prioritising safe and accessible transport options, notably for vulnerable community segments.
The statement read, “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.”
