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Wednesday 22 December 2021

IsDB Approves Funding of Front-End Engineering Design Phase II Study Project for Morocco-Nigeria Gas Pipeline

IsDB Approves Funding of Front-End Engineering Design Phase II Study Project for Morocco-Nigeria Gas

The Islamic Development Bank (IsDB) has approved the financing of the Front-End Engineering Design Phase II Study Project for the Morocco-Nigeria Gas Pipeline, totalling $ 29.75 million.

The project will enable the West African States to replace costly oil-fired generation with renewable power generation and gas-fired power generation, said the IsDB in a press release.

The financing is part of a US$ 1.6 billion funding allocated to 24 new development projects in 19 member countries, added the release.

The approved projects cover a wide array of development sectors including “road construction and high-speed transport; clean and renewable energy; poultry, fisheries, irrigation and agriculture; child nutrition; academic and technical education; as well as vocational training."

The projects were approved during the 343rd meeting of the Bank, chaired by IsDB President and Chairman of the Board Muhammad Al Jasser.

During the session, Dr. Muhammad Al Jasser reiterated the Bank’s full commitment and continued support for member countries to respond to their development challenges and get their economies back on track.

He also stated that in so doing, the IsDB Group continues to cooperate with its global development partners including the MDBs community, the Arab Coordination Group, and IFAD, amongst others, to mobilize new resources.

“Indeed, this package is in the best tradition of acting countercyclically at these trying times,” President Al Jasser pointed out.

MAP 21 December 2021