SAUDI Arabia’s International Islamic Trade Finance Corporation (ITFC) and the Bangladesh Petroleum Corporation (BPC) signed an agreement during a recent visit of a Bangladeshi delegation to the Saudi Port City.
Under the financing agreement, the BPC, which controls the import and marketing of fuel in the country, will take a loan of $1.4 billion from the Jeddah-based company.
The loaned amount will be used mainly to import crude oil.
The ITFC is a member of the Islamic Development Bank Group, the largest development organization in the Muslim world.
The Jeddah-based company has approved more than $16 billion in loans for Bangladesh since 2008 to support the country’s energy security.
Bangladesh imports about 100,000 tons of crude oil every month, mostly from the Abu Dhabi National Oil Company and Saudi ARAMCO-the world’s largest producer of oil.
Bangladesh has previously signed similar agreements with the ITFC, with the current financing plan in effect from July 2023 to June 2024.
