ITFC to provide $2.1 bln in loan to Bangladesh to facilitate smooth import of petroleum fuel, LNG
- Update Time : Wednesday, 7 February, 2024, 07:08 pm
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Online Desk: International Islamic Trade Finance Corporation (ITFC) will provide $2.1 billion in loan to Bangladesh to facilitate the smooth import of petroleum fuel and LNG.
Jeddah-based ITFC and Energy and Mineral Resources Division of Bangladesh signed an agreement in this regard under Annual Financial Plan Negotiation for FY 2024-25 on Wednesday at the ministry.
The ITFC is a member of the Islamic Development Bank (IDB) Group.
Stare Minister for Power, Energy and Mineral Resources Nasrul Hamid was present on the occasion.
Under the credit agreement, the IITFC will finance state-owned Bangladesh Petroleum Corporation (BPC) to import petroleum fuels and state-owned Petrobangla to import liquified natural gas (LNG).
Energy and Mineral Resources Secretary Md Nurul Alam and chief operating officer and head of the ITFC delegation Nazeem Mooradali signed the agreement on behalf of the respective sides.
Nasrul Hamid told reporters that Bangladesh has been receiving financial support from the ITFC of IDB for long.
He said this credit support will help the government to smoothly import the petroleum fuel and LNG.
He said that $1.6 billion will be utilised to import the petroleum fuels while remaining $500 million will be used to import LNG.
