21st February 2024
EP Report

Bangladesh obtained $2.1 billion from the International Islamic Trade Finance Corporation (ITFC) on 6 February to facilitate the smooth import of petroleum fuel and LNG.


Jeddah-based ITFC and the Energy and Mineral Resources Division of Bangladesh signed an agreement in this regard under the Annual Financial Plan Negotiation for FY 2024-25 at the ministry.


The ITFC is a member of the Islamic Development Bank (IDB) Group and it is providing the loan after accumulating it from different organizations. Of this, Bangladesh Bank will provide $800 million.


State Minister for Power, Energy and Mineral Resources Nasrul Hamid was present on the occasion.


Under the credit agreement, the ITFC will finance the state-owned Bangladesh Petroleum Corporation (BPC) to import petroleum fuels and the state-owned Petrobangla to import liquified natural gas (LNG).


Energy and Mineral Resources Secretary Md Nurul Alam and Chief Operating Officer and head of the ITFC delegation Nazeem Nooradali signed the agreement on behalf of the respective sides.

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