ABIA TO GET $125M LOAN FROM ISLAMIC DEVELOPMENT BANK
The Islamic Development Bank (IsDB) has earmarked $125 million to facilitate the Abia State Integrated Infrastructure Development Project.
This strategic initiative, revealed in a statement by the IsDB, is part of a broader $225 million funding approval designed to propel new development ventures.
Chaired by the esteemed H.E. Dr Muhammad Al Jasser, President and Group Chairman of IsDB, the bank’s 354th meeting of the Board of Executive Directors saw the green light given to two pivotal projects aimed at fortifying socio-economic growth and sustainability in critical sectors.
About the Loan
The $125 million allocation for Nigeria is poised to significantly reduce travel times and costs on major roadways, concurrently enhancing market accessibility and social services for the local populace.
Emphasizing inclusivity, the project promises to bolster mobility for all residents, prioritizing safe and accessible transport options, notably for vulnerable community segments.
The statemen 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.”
Credit: Nairametrics
More Stories
(PHOTOS) UPDATED: FIVE CONFIRMED DEAD, 70 CARS BURNT IN RIVERS TANKER EXPLOSION
Five people have been confirmed dead and over 70 cars burnt in the tanker explosion at the Eleme section of...
TINUBU APPOINTS RENOWED BANKER, JIM OVIA AS CHAIRMAN OF NIGERIAN EDUCATION LOAN FUND
President Bola Tinubu has approved the appointment of Mr. Jim Ovia, CFR, renowned banker and businessman, as the Chairman of...
ROAD ACCIDENT CLAIMS THREE LIVES IN ONDO
At least three persons died in a road accident that occurred along the Akungba-Ikare Road in Akoko South-West Local Government...
GOV MBAH MOURNS AYOGU EZE, SAYS IT’S MONUMENTAL LOSS
Governor of Enugu State, Dr. Peter Mbah, has expressed deep grief over the death of member representing Enugu State on...
BULLY: STUDENT VOWS TO SUE ABUJA SCHOOL IF ABUSERS ARE NOT SANCTIONED
Namtira Bwala, a victim of bullying at Lead British International School in Abuja, has threatened to sue the institution if...
INJURIES PREVENTED NDAH’S TRANSFER FROM ORLANDO PIRATES – AGENT
Olisa Ndah’s agent, Mike Makab has revealed that persistent injuries scuttled his client’s ambition of playing abroad. Ndah was linked...