ITFC signs annual financing plan for $1.4 billion with Bangladesh to ensure energy security

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The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed an annual financing plan with the government of Bangladesh for $1.4 billion.

The agreement, signed at the ITFC Headquarters in Jeddah, took place during the official visit of the High-level delegation from Bangladesh. The financing plan is dedicated to facilitating the importation of petroleum products by Bangladesh Petroleum Corporation (BPC) for the period between July 2023 till June 2024, said a press release.

Nazeem Noordali, Chief Operating Officer of ITFC, and Sharifa Khan, Secretary of Economic Relations Division (ERD) of the Ministry of Finance, Bangladesh, and the Alternate Governor of IsDB, inked the agreement on behalf of the respective parties.

With both parties having agreed to the terms of the financing, this financing plan will ensure the energy security of one of South Asia's fastest-growing economies. This agreement is a testament to the long-standing successful partnership between the two parties. Since its inception in 2008, the ITFC has approved over $16 billion for the government of Bangladesh to support the country's energy security.

The annual financing plan is part of ITFC's commitment to supporting the economic development of its member countries, and the Corporation remains committed to providing financing solutions that meet the needs of its clients.