30.05.2011, Jeddah, KSA – The Islamic Development Bank (IDB), is currently studying Jordan’s mega rail project with a view to garnering international financial support to the project the total cost of which is estimated at 45 Billion. Once it becomes reality, the project is expected to link Jordan’s major economic zones with regional and international economic hubs in the region such as Syria and Turkey, Gulf Countries like Saudi Arabia, as well as the European rail network.

Bearing in mind the huge potential of this project as a key regional integration tool, IDB has initiated negotiations with a number of regional and international finance institutions including the World Bank, the European Investment Bank as well as Arab, Japanese and European funds.

According to feasibility studies, once operational, the rail project will spur economic growth and job opportunities not only in Jordan but also neighboring IDB member countries including those in Asia and Europe.

It may be recalled here that the IDB Group has large presence in Jordan with significant portfolios in the areas of transportation, power generation and the private sector.