Jeddah-based ITFC signs $1.4b energy security financing plan with Bangladesh

The International Islamic Trade Finance Corporation (ITFC) has signed a $1.4 billion financing plan for energy security with the government of Bangladesh.

ITFC, a Jeddah-based corporation and a member of the Islamic Development Bank Group, signed the deal during a recent official visit by a high-level delegation from Bangladesh to the ITFC headquarters in Jeddah, the Saudi Press Agency (SPA) reported on Saturday.

“This financing plan will enable the Bangladesh Petroleum Company to import oil products from July 2023 to June 2024,” the SPA report said.

“The 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 news agency wrote.

“Furthermore, it demonstrates the corporation’s commitment to supporting the economic development of its member states and providing financing solutions that meet the needs of its customers,” the news added.

Mr Nazeem Noordali, Chief Operating Officer of ITFC; and Mrs Sharifa Khan, Secretary of the Economic Relations Division (ERD) of the Ministry of Finance of Bangladesh, and the Alternate Governor of IsDB; inked the agreement on behalf of the respective parties.

Since its inception in 2008, the ITFC has approved over $16 billion for the government of Bangladesh to support the country’s energy security, according to a statement issued by the ITFC.