ITFC signs $1.4bn deal to fund Bangladesh oil imports
The International Islamic Trade Finance Corp (ITFC), a member of the Islamic Development Bank Group, has signed a $1.4 billion financing plan with Bangladesh to fund the country's oil imports, the Saudi Press Agency (SPA) reported on Saturday (8 July).
"This financing plan will enable the Bangladesh Petroleum Company (BPC) to import oil products from July to June 2024," the statement on SPA said.
Recently a high-level delegation from Bangladesh came for an official visit to the ITFC headquarters in Jeddah, the signing of the agreement took place then.
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."
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 statement added.
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