The Islamic Development Bank (IDB) has approved an amount of $ 120 million to contribute to financing Jubail refinery and petrochemicals project. It is one of the gigantic refinery projects in the Kingdom of Saudi Arabia. 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 of the project will be established within four years. It is worth mentioning that the IDB approved in May, 2009 to double its financing operations within 2009 and 2012 for meeting the increasing development demands in the member states.
