The Islamic Development Bank (IDB) has approved a $120 million contribution for financing a Jubail refinery and petrochemicals project. The cost of the Jubail project totals $12.8 billion. 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. The refinery will be established within four years. Last May, the IDB agreed to double its financing operations up to 2012 in order to meet the increasing development demands of its member states.
