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Bangladesh, ITFC sign first deal to boost food security
The government of Bangladesh and the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, today signed two significant financing agreements at Jeddah in Saudi Arabia.
These agreements will support the import of fertilizers in Bangladesh, which is expected to play a crucial role in ensuring the country’s food security.
The agreements include a Master Murabaha Financing Agreement and a Syndicated Murabaha Financing Facility, under which ITFC will initially provide $100 million in financing.
It is noteworthy that Bangladesh Petroleum Corporation (BPC) has been importing oil every year through ITFC financing, said an ERD press release.
For the first time, this initiative has been extended to fertilizer imports, which will contribute directly to strengthening Bangladesh's food security.
The signing ceremony was attended by a three-member delegation from Bangladesh led by Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD).
Other members included Dr. Md. Emdad Ullah Mian, Secretary, Ministry of Agriculture, and Md. Kabir Ahmed, Deputy Governor, Bangladesh Bank.
On behalf of Bangladesh, the Secretary of ERD signed the Master Murabaha Financing Agreement, while the Secretary of the Ministry of Agriculture signed the Syndicated Murabaha Financing Facility.
At the event, Md. Shahriar Kader Siddiky highlighted the importance of ITFC's continuous support in various sectors and expressed optimism regarding the organization’s role in strengthening Bangladesh’s energy and food security.
The signing of these agreements reflects the importance of international partnerships and Bangladesh’s commitment to achieving its strategic goals and sustainable development, reports UNB.