(MENAFN) Bangladesh's energy infrastructure is set to undergo significant advancement with the announcement from the Jeddah-based International Islamic Trade Finance Corp. (ITFC) to inject USD1.4 billion into the country's economy. As a member of the Islamic Development Bank Group, ITFC has forged a strategic agreement with Bangladesh Petroleum Corp. aimed at bolstering the nation's energy resilience, as reported by the Saudi Press Agency.
This financial commitment marks a substantial stride forward in the longstanding partnership between ITFC and Bangladesh Petroleum Corp., following 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. During his trip, Sonbol held discussions with Bangladesh's Prime Minister, Sheikh Hasina Wajed, in Dhaka, emphasizing ITFC's dedication to supporting the country's energy security initiatives. These talks highlighted the recent finalization of a USD2.1 billion financing plan for the period of 2024-2025.
Sonbol underscored ITFC's pivotal role as a developmental partner for Bangladesh, with over USD22 billion in financing approved to date. The corporation's involvement extends across various areas, including trade development programs, technical assistance, and support to local banks, thus playing a critical role in addressing the country's escalating demand for Islamic financing.
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