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President of the Islamic Development Bank (IDB) Dr Bandar M.H. Hajjar arrives in Dhaka this weekend to inaugurate its regional office in Bangladesh, officials said on Saturday.
The Jeddah-based Islamic lender will set up its regional hub office in the capital city to conduct its operations for some Asian countries, additional secretary of the Economic Relations Division (ERD) M Shamsul Alam said.
Prime Minister Sheikh Hasina and the IDB President on September 09 will inaugurate the IDB regional Hub office in Dhaka, he told the FE.
The office will be housed at the IDB Bhaban at Agargaon in the capital.
The hub office will operate for its member countries such as Bangladesh and the Maldives; and also for some non-member Asian countries, including India, Sri Lanka, Myanmar, Nepal, Bhutan and China.
Currently, the IDB has a small office in Dhaka, which cannot take any policy decision without green signal from the headquarters in Jeddah.
Mr Alam said, "After setting up of the regional office in Dhaka, Bangladesh's image will be upheld across the world. Besides, we are expecting that Bangladesh will get extended support and cooperation from the IDB."
During his five-day visit, the IDB President will also take part in the road show on science and technology on September 08 at a city hotel and will sit with the heads of the IDB-funded projects in Bangladesh on September 10.
Bangladesh is the second-largest borrower from the IDB Group in the world as it has
received some US$ 20 billion funds since its independence in 1971.
The IDB's trade financing window-the International Islamic Trade Finance Corporation (ITFC)-is the largest lender for Bangladesh's oil purchase from the international market.
The ITFC over the last few years lent credit varies from US$ 1.0 billion to $ 3.0 billion a year for importing petroleum.
The IDB also finance development projects in the country.