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ITFC Funds $1.4B Deal for BD Oil Imports

Industry: Energy & Power, Oil & Petroleum
Company: International Islamic Trade Finance Corp (ITFC)
Company Intelligence Tag: Business Insights

The International Islamic Trade Finance Corp (ITFC), a member of the Islamic Development Bank Group, has entered into a $1.4 billion financing agreement with the Bangladeshi government to support the country’s oil imports. The financing plan, signed during a high-level delegation visit to the ITFC headquarters in Jeddah, will enable the Bangladesh Petroleum Company to import oil products from July 2023 to June 2024. The agreement reflects the longstanding partnership between the two parties and aims to ensure energy security for Bangladesh, one of the rapidly growing economies in South Asia. It underscores ITFC’s commitment to supporting the economic development of its member states and providing tailored financing solutions to meet customer needs.

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