A financing agreement for "Modernization and Expansion of Eastern Refinery in Bangladesh" amounting to USD 1004.29 million was signed today during the visit of the Islamic Development Bank Group Chairman, Dr. Muhammad Al Jasser to Dhaka.
The agreement has been signed between the Government of Bangladesh (GoB) and the Islamic Development Bank (IsDB).
Dr. Mohammad Mizanur Rahman, Additional Secretary, Economic Relations Division, Ministry of Finance, and Anasse Aissami, Director General, Country Programs, IsDB, signed the agreement on behalf of the GoB and IsDB, respectively.
Prime Minister Tarique Rahman and Dr. Muhammad Al Jasser, Chairman, Islamic Development Bank Group, graced the signing ceremony.
The above-mentioned project will be implemented by Bangladesh Petroleum Corporation (BPC) under the Energy and Mineral Resources Division.
Proper implementation of the project will enhance the BPC's current refining capacity from 1.5 million MT to 4.5 million MT, contributing to further strengthening the country's energy security, producing environmentally friendly (Euro-5 standard) petroleum oil, and reducing dependence on imported refined fuel oil, said an ERD press release.
IsDB is one of the trusted multilateral development partners of Bangladesh and has provided continuous support for the socioeconomic development of Bangladesh since its inception, in the form of grants, project loans, trade financing, private-sector financing, export credit guarantees, etc.
Immediately after the signing ceremony, the IsDB Group Chairman called on the Prime Minister and expressed his deep commitment to supporting Bangladesh's development priorities.
The Prime Minister emphasized that the IsDB should explore opportunities for low-cost financing for its members and stated that Bangladesh will extend all possible cooperation to further deepen the Bangladesh-IsDB partnership.