April 17, 2024, 12:22 am

Diplomatic correspondent

2024-03-26 23:22:23 BdST

Saudi Arabia’s ITFC signs $1.4b energy financing plan with Bangladesh

Saudi Arabia's International Islamic Trade Finance Corporation (ITFC) has signed a $1.4 billion financing plan with the Government of Bangladesh. 

This financing plan will enable the Bangladesh Petroleum Corporation to import oil products from July 2023 to June 2024, reports Saudi Press Agency (SPA). 

The ITFC, a member of Saudi Arabia's Islamic Development Bank (IsDB) Group, said the financing was aimed at developing Bangladesh's energy infrastructure.

The signing took place during a recent official visit by a high-level delegation from Bangladesh to the ITFC headquarters in Jeddah.

"This agreement is a testament to the successful long-term partnership between the two parties and the financing plan will ensure energy security for one of the fastest-growing economies in South Asia," SPA said.

SPA did not say what form the financing would take.

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