ITFC to Provide $2 Billion in Support of Bangladesh Energy Sector

Online, December 26, 2010 (Newswire.com) - The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, and the Government of Bangladesh took a step forward towards strengthening their working alliance, when they signed a memorandum of understanding at IDB headquarters in Jeddah.

The signed memorandum of understanding covers the 1432H (2011) financing and implementation plan to facilitate the utilization of $2 billion made available for the benefit of the Government of Bangladesh for the importation of crude oil and petroleum products.

Dr. Waleed Al-Wohaib, CEO of ITFC, received the senior level delegation from the People's Republic of Bangladesh at his office where he highlighted the long standing relations between ITFC and the Republic of Bangladesh.

In welcoming the delegation, Eng. Hani Salem Sonbol, Deputy CEO of ITFC said "Bangladesh is one of the major customers of IDB Group trade financing programs. Since 1397H, about US$7.83 billion has been approved to the Republic of Bangladesh and this represents about 21% of total trade financing approvals of IDB". He went on to add " Since the launch of ITFC in Muharram 1429H (2008), the ITFC has approved 33 operations in favor of the Government of Bangladesh amounting to US$2.56 billion of which 12 operations valued at US$880 million were approved in 1431H".

From his part, H. E. Dr. Atiur Rahman, Governor of Bangladesh Bank, said" On behalf of the Government of Bangladesh, I would like to thank the IDB Group, represented by ITFC, for supporting the country during the difficult times of the global financial crisis", "it is of utmost importance for the country to get its energy requirements met where ITFC plays a strategic role in this area enabling the country to keep and enhance its momentum of growth and development" he added.

The senior level delegation also included H.E Mr. Muhammad Musharraf Hossain Bhuiyan, Secretary, Economic Relations Division, Ministry of Finance and the alternate IDB Governor for the Republic of Bangladesh, H.E Mr. Mohammad Mejbahuddin, Secretary, Energy and Mineral Resources Division, Mr. Syed Monjurul Islam, Additional Secretary, Finance Division, Ministry of Finance, Mr. Anwarul Karim, Chairman, Bangladesh Petroleum Corporation, Mr. ATM Mustafa Kamal, Joint Secretary (Admin & Middle East), Economic Relations Division, Ministry of Finance and Mr. Nazmul Ahsan, Senior Assistant Secretary, Energy and Mineral Resources Division.