Saudi Arabia-based International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank (IsDB) Group, has signed a $1.4 billion financing plan with the Government of Bangladesh.
The signing took place during a recent official visit by a high-level delegation from Bangladesh to the ITFC headquarters in Jeddah.
This financing plan will enable the Bangladesh Petroleum Company to import oil products from July 2023 to June 2024, as per the statement.
Since its inception in 2008, the ITFC has approved over $16 billion for the Govt. of Bangladesh to support the country’s energy security and provided more than $66 billion to Organization of Islamic Cooperation (OIC) Member Countries, making it the leading provider of trade solutions
This agreement reflects the successful long-term partnership between the two parties and will contribute to ensuring energy security for one of the fastest-growing economies in South Asia.
“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,” as per the statement.
In May, ITFC signed six major agreements with Cote d’Ivoire, Egypt, Uzbekistan, and Saudi Arabia totaling $101 million on the second day of the 2023 IsDB Group Annual Meetings, held in Jeddah.
The agreements will address the trade financing needs of the private sector, allowing businesses to purchase needed inputs, secure raw materials, and develop global supply chains, thereby fostering stronger economic growth.