Tuesday, 28 May, 2024


Saudi ITFC signs $1.4bn energy financing plan with Bangladesh

Business Desk | banglanews24.com
Update: 2024-03-26 15:57:50
Saudi ITFC signs $1.4bn energy financing plan with Bangladesh

The Islamic Trade Finance Corporation (ITFC) signed an agreement on Monday to provide $1.4 billion to the Bangladesh Petroleum Corporation, Saudi Arabia's state news agency SPA reported.

The ITFC, part of Saudi Arabia's Islamic Development Bank, said the financing was aimed at developing Bangladesh's energy infrastructure.

“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.

Source: Reuters/ Trade Arabia

BDST: 1557 HRS, MAR 26, 2024

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