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The OPEC Fund for International Development (OFID) has extended US$100 million worth of budgetary support to Bangladesh for the country's economic and governance reforms.
The OFID and Bangladesh government on Tuesday signed an agreement to this effect on the sidelines of the IMF-World Bank annual meeting in Washington, DC.
Economic Relations Division (ERD) Secretary Shahriar Kader Siddiki and OFID President Dr Abdulhamid Alkhalifa signed the deal on April 22 at Washington DC, according to a press release from the ERD received on Wednesday.
The budgetary support would be used for Bangladesh's macroeconomic and financial reform and management, said ERD.
The maturity of the loan will be 18 years including a grace period of three years.
The interest rate would be charged at the 6-month EURIBOR plus 1.20 per cent rate, the ERD officials said.
Earlier in February 2022 also, the OFID provided $75 million in loan to Bangladesh as budgetary support to aid economic recovery from the Covid fallouts.
Since 1977-78, the OFID has confirmed US$793.61 million for 33 development projects and $310.21 million for the private sector in Bangladesh.
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