The Abia State G ove r n m e n t has expressed appreciation to President Bola Tinubu and the Federal Executive Council (FEC), for approving its request for a $125 million Islamic Development Bank (IsDB) financing facility for the State Integrated Infrastructure Development Project, ABSIID.

The appreciation conveyed via a statement issued by the Chief Press Secretary to the Governor, Ukoha Njoku Ukoha, described the approval as a “major milestone in a project that has undergone extensive consultations and procedural steps”.

The approval, according to the state ment, “is a critical component of the overall co-financing arrangement for the State’s ambitious infrastructure development drive,” as it gave a breakdown of the facility comprising a total of $263.80 million project to include, $125 million from the Islamic Development Bank [ IsDB]; $100 million from the African Development Bank (AfDB); $15 million from the Canada–Africa Development Bank and $23.80 million counterpart funding from the Abia State Government.

The statement reads: “The IsDB facility is particularly significant because its financing agreement must be signed for the project to proceed, given the integrated nature of the cofinancing structure. The AfDB and Canada–Africa Development Bank financing agreements have already been concluded, with the AfDB loan agreement signed earlier this year.”