IDB approves US$120 mln contribution to finance a refinery and petrochem project in Jubail

The Islamic Development Bank (IDB) has approved a US$120 mln contribution for financing a mega Jubail refinery and petrochemicals project, Kingdom of Saudi Arabia to be built at a total cost of US$12.8 bln. The project is scheduled for completion within four years. The project is financed by all Saudi banks and the Saudi Fund for Industrial Development as well as The General Investment Fund and other financial institutions. In May 2009, the IDB approved to double its financing operations within 2009 and 2012 for meeting the increasing development demands in the member states.
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