Islamic Development Bank approves $225 million, financing new development projects in energy & infrastructure

The Islamic Development Bank (IsDB) has approved approximately US$225 million to finance new development projects in member countries.

The Board of Executive Directors, chaired by IsDB President and Group Chairman, H.E. Dr. Muhammad Al Jasser, also approved two projects including the US$100 million Pengerang Energy Complex Project (PEC) for Malaysia under the Bank’s Public Private Partnership programme.

The project aims to develop a sustainable, energy-efficient, state-of-the-art aromatics complex in Pengerang, adding value to Malaysia’s downstream oil and gas chain and promoting economic growth.

The project is located in the Pengerang Integrated Petrochemical Complex (PIPC), a petrochemical and refinery hub in Johor, Malaysia and will contribute directly to Johor’s economic growth by stimulating economic growth through development and employment opportunities.

Johor is one of the three states in Malaysia that has a designated petrochemical zone.