Bangladesh’s stake in the Islamic Development Bank (IsDB) has recently decreased from 1.008 to 0.952, following an increase in the bank’s capital. Currently, Saudi Arabia holds the largest stake in the IsDB, impacting Bangladesh’s influence within the organization.
The IsDB, a multilateral development bank, is crucial for promoting development among its member countries and the global Muslim community. Despite the reduced stake, Bangladesh continues to benefit from its membership, particularly through borrowing arrangements with entities like the International Islamic Trade Finance Corporation (ITFC), an affiliate of the IsDB.
Concerns have been raised by senior officials from Bangladesh’s Ministry of Power, Energy, and Mineral Resources regarding potential challenges in accessing financing through ITFC due to the country’s decreased stake in the IsDB. However, the Economic Relations Division (ERD) of the Ministry of Finance has reassured that they are actively working to mitigate any adverse impacts and maintain robust economic relations with the IsDB and its affiliates.