Bangladesh signs International Islamic Trade Finance Corporation deal to bolster food security
Bangladesh has signed its first financing agreements with the International Islamic Trade Finance Corporation (ITFC) to support fertiliser imports, a move aimed at strengthening the country's food security.
Today in Jeddah, Saudi Arabia, the government and the ITFC, a member of the Islamic Development Bank (IsDB) Group, signed two significant financing agreements, said a press release.
These agreements will support the import of fertilisers in Bangladesh, expected to play a role in ensuring the country's food security, the media release said.
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The agreements include a Master Murabaha Financing Agreement and a Syndicated Murabaha Financing Facility, under which ITFC will initially provide $100 million in financing.
The Bangladesh Petroleum Corporation (BPC) has been importing oil every year through ITFC financing.
The media release notes that for the first time, this initiative has been extended to fertiliser imports, which will contribute directly to strengthening Bangladesh's food security.
The signing ceremony was attended by a three-member delegation from Bangladesh led by Shahriar Kader Siddiky, secretary, Economic Relations Division (ERD).
Other members included Emdad Ullah Mian, secretary, Ministry of Agriculture, and Kabir Ahmed, deputy governor, Bangladesh Bank.
On behalf of Bangladesh, the secretary of ERD signed the Master Murabaha Financing Agreement, while the secretary of the Ministry of Agriculture signed the Syndicated Murabaha Financing Facility.
At the event, Shahriar Kader Siddiky highlighted the importance of ITFC's continuous support in various sectors and expressed optimism regarding the organisation's role in strengthening Bangladesh's energy and food security.
