The government of Abia State has secured a $125 million investment from the Islamic Development Bank (IsDB) for infrastructure projects within the state.
This funding is specifically earmarked for the Integrated Infrastructure Development Project, initiated in 2023 by Governor Dr Alex Otti.
The funding was approved by H.E. Dr Muhammad Al Jasser, President and Group Chairman of IsDB, during the 354th Board of Executive Directors meeting on February 16, 2024. In this meeting, the bank also sanctioned $225 million for various development projects aimed at bolstering socio-economic growth and sustainability across crucial sectors.
In addition to this, the IsDB approved a $100 million Pengerang Energy Complex Project (PEC) for Malaysia under its Public Private Partnership program.
The IsDB stated that the $125 million financing package for Nigeria is intended to support the Abia State Integrated Infrastructure Development Project. The project’s objective is to decrease travel times and costs on key roads, thereby enhancing market access and social services for local communities.
Furthermore, the project aims to improve overall mobility by providing safe and accessible transportation for all residents, including vulnerable groups.
The IsDB Group reiterated its commitment to aiding member countries in their quest for prosperity and the achievement of their Sustainable Development Goals.
Last year, Governor Otti assured that his administration would collaborate with multilateral organizations to reconstruct and rehabilitate 248.46 kilometers of roads in the state. This vision inspired the launch of the Abia State Integrated Infrastructure Development Project (ABSIIDP), which includes road rehabilitation, erosion control infrastructure, and the completion of preparatory studies for solid waste disposal management in the cities of Aba and Umuahia.
The ABSIIDP will benefit the 553,000 and 814,000 residents of Umuahia and Aba, respectively, accounting for over 30 percent of Abia State’s total population.
