The financing agreement was signed on Monday (July 6) at ITFC headquarters in Jeddah, Saudi Arabia. ITFC is a member of the Islamic Development Bank (IsDB) Group.
Under the agreement, three state-owned enterprises of Bangladesh will receive loan facilities. These are—Bangladesh Petroleum Corporation (BPC), Petrobangla, and Bangladesh Agricultural Development Corporation (BADC).
This financing will be used to meet the costs of importing petroleum products, liquefied natural gas (LNG), and fertilizer from July 2026 to June 2027.
On behalf of Bangladesh, the agreement was signed by Economic Relations Division (ERD) Secretary Md. Shahriar Kader Siddiky. On behalf of ITFC, the agreement was signed by the institution's Chief Operating Officer (COO) Nazim Noordali. ITFC Chief Executive Officer (CEO) Engineer Adib Yusuf Al Ama was present at the time.
ITFC said in a statement that this financing program will ensure Bangladesh's energy and food security, as well as further strengthen the long-term partnership between the Bangladesh government and ITFC.
According to the institution's information, from 1977 to date, the ITFC-IsDB Group has financed more than $22.6 billion for the import of fuel oil and LNG in Bangladesh.
