Source: Africa Press Organisation – English (2) – Report:
JEDDAH, Saudi Arabia, January 13, 2025/APO Group/ —
The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a landmark annual financing plan with the Government of Bangladesh for US$2.75 billion to support the country’s energy and agriculture sectors.
The financing plan will facilitate the importation of petroleum products, Liquified Natural Gas (LNG) and fertilizers by Bangladesh Petroleum Corporation (BPC), Bangladesh Oil, Gas & Mineral Resources Corporation (Petrobangla) and Bangladesh Agricultural Development Corporation (BADC) respectively. The financing plan will cover the period from July 2025 to June 2026.
Mr. Nazeem Noordali, Chief Operating Officer of ITFC, and Mr. Md. Shahriar Kader Siddiky, Secretary of Economic Relations Division (ERD) of the Ministry of Finance, Bangladesh, and Member, Board of Executive Directors of IsDB, inked the agreement on behalf of the respective parties at the ITFC headquarters in Jeddah, during the official visit of the high-level delegation from Bangladesh.
Since its inception, ITFC has provided over US$ 19 billion to the Govt. of Bangladesh and this agreement is a continuous testament to the long-standing successful partnership between the two parties.