News Desk :
Bangladesh’s energy infrastructure is poised for advancement as the Jeddah-based International Islamic Trade Finance Corp. announced plans to inject $1.4 billion into the country’s economy.
ITFC, a member of the Islamic Development Bank Group, has entered into a strategic agreement with Bangladesh Petroleum Corp. aimed at enhancing the nation’s energy resilience, according to the Saudi Press Agency.
This financial arrangement signifies a significant step forward in the longstanding partnership between the ITFC and the Bangladesh Petroleum Corp., and comes after a visit to the country in February by Hani Sonbol, CEO of the corporation and acting chief of the Islamic Corp. for the Development of the Private Sector, according to Arab News.
Sonbol met with Bangladesh’s Prime Minister, Sheikh Hasina Wajed, in Dhaka during his trip, and the two held discussions that underscored ITFC’s resolve to support the country’s energy security initiatives, highlighting the recent conclusion of a $2.1 billion financing plan for 2024-2025.
Sonbol emphasized ITFC’s role as a key developmental partner to Bangladesh, with more than $22 billion in financing approved to date.
ITFC’s involvement spans a broad spectrum, including trade development programs, technical assistance, and support to local banks, thereby playing a crucial role in meeting the country’s growing demand for Islamic financing.
In further talks with Abul Hassan Ali, finance minister and governor of the Islamic Development Bank for Bangladesh,
the discussions focused on enhancing energy security and fostering private sector growth through collaborative efforts.
Additionally, a meeting with Bangladesh’s State Minister of Power, Energy, and Mineral Resource Nasrul Hamid reinforced both parties’ dedication to strengthening the country’s energy infrastructure.
This effort builds on ITFC’s significant contributions of over $18 billion in energy and private sector development since its inception in 2008.
Furthermore, on the sidelines of the Arab Coordination Group meeting held March 4-5 in Tashkent, the ITFC demonstrated its continued commitment to fostering economic development by signing several agreements totaling $715 million with Uzbekistan.
Since 2018, ITFC’s engagement in the central Asian country has amounted to $773 million in approved financing, playing a pivotal role in bolstering the nation’s agricultural productivity and economic stability.
