Bangladesh and the Islamic Development Bank (IsDB) signed a $1 billion financing agreement Thursday to modernize and expand the Eastern Refinery, during IsDB Group Chairman Dr. Muhammad Al Jasser's visit to Dhaka.
The deal was signed by Dr. Mohammad Mizanur Rahman, Additional Secretary of the Economic Relations Division and Anasse Aissami, IsDB's Director General of Country Programmes. Prime Minister Tarique Rahman and Dr. Al Jasser attended the ceremony.
The Bangladesh Petroleum Corporation (BPC), under the Energy and Mineral Resources Division will implement the project which aims to triple BPC's refining capacity from 1.5 million to 4.5 million tonnes. Officials say the expansion will strengthen energy security also enable production of eco-friendly Euro-5 standard fuel and reduce reliance on imported refined petroleum.
IsDB has long been a key development partner for Bangladesh, providing grants, project loans, trade financing, private-sector support and export credit guarantees since its inception.
Following the signing, Dr. Al Jasser met with the Prime Minister and reaffirmed IsDB's commitment to supporting Bangladesh's development goals. The Prime Minister urged IsDB to explore low-cost financing options for member countries and pledged full cooperation to strengthen the Bangladesh-IsDB partnership.
