ITFC, Bangladesh sign $2.75 billion financing plan for energy, food security

The International Islamic Trade Finance Corporation (ITFC), a Islamic Development Bank (IsDB) Group member, recently signed a landmark annual financing plan with the Government of Bangladesh for US$2.75 billion to support the country's energy and agriculture sectors in Jeddah.

The financing plan will facilitate the importation of petroleum products, Liquefied Natural Gas (LNG), and fertilisers by Bangladesh Petroleum Corporation (BPC), Bangladesh Oil, Gas and Mineral Resources Corporation (Petrobangla), and Bangladesh Agricultural Development Corporation (BADC), respectively. The plan will cover the period from July 2025 to June 2026.

Mr. Nazeem Noordali, Chief Operating Officer of ITFC, and Mr Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) of the Ministry of Finance, Bangladesh, and Member,  Board of Executive Directors of IsDB, inked the agreement on behalf of the respective parties at the ITFC headquarters in Jeddah, during the official visit of the high-level delegation from Bangladesh.

Since its inception, ITFC has provided over US$19 billion to the Government of Bangladesh, and this agreement is a continuous testament to the long-standing successful partnership between the two parties.