Bangladesh signs a US$3.3-billion annual financing deal with the International Islamic Trade Finance Corporation (ITFC) for this fiscal year, ensuring continued support for fuel, liquefied natural gas (LNG) and fertilizer imports.
Officials say the agreement was signed Sunday at the ITFC headquarters in Jeddah during the official visit by a high-level Bangladeshi delegation.
The financing arrangement, covering the period from July 2026 to June 2027 of the current financial year, will support imports by Bangladesh Petroleum Corporation (BPC), Bangladesh Oil, Gas & Mineral Resources Corporation (Petrobangla), and Bangladesh Agricultural Development Corporation (BADC).
The bankrolling programme is expected "to play a vital role in strengthening Bangladesh's energy supplies and food security".
The agreement was signed by Nazeem Noordali, Chief Operating Officer of the ITFC, and Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) under Bangladesh's Ministry of Finance. The signing ceremony was witnessed by Eng Adeeb Yousuf Al Aama, Chief Executive Officer of the ITFC.
Officials say the financing recipe reflects the shared commitment of the ITFC and the Government of Bangladesh to ensuring "uninterrupted supplies of essential commodities while reinforcing their longstanding development partnership".
Since 1977, the ITFC and its parent organisation, the Islamic Development Bank (IsDB) Group, have approved more than US$22.6 billion in financing for Bangladesh, primarily to support the import of petroleum products and LNG.
The latest agreement further demonstrates ITFC's commitment to supporting the economic development of its member-countries through customized trade-finance solutions that address evolving national priorities.
Established in 2008 as a member of the IsDB Group, the International Islamic Trade Finance Corporation aims to promote trade among member-countries of the Organisation of Islamic Cooperation (OIC).
Since commencing operations, the ITFC has provided more than US$96 billion in trade financing, making it one of the leading providers of trade-finance solutions across OIC member-states.
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