Dhaka: The Islamic Development Bank (IsDB) on Thursday entered into a significant financing agreement with Bangladesh, pledging US$1 billion for the modernization and expansion of the Eastern Refinery Project. The ceremony, held at the Bangladesh Secretariat's Cabinet Division, was graced by the presence of Prime Minister Tarique Rahman and IsDB Group President Dr. Muhammad Al Jasser, as noted by PM's Assistant Press Secretary Shahriar Pamir.
According to United News of Bangladesh, the agreement was formalized with Economic Relations Division Additional Secretary Dr. Md Mizanur Rahman representing the government, and IsDB Director General (Country Programmes) Anasi Aissami signing on behalf of the bank. The event saw attendance from several high-profile officials including Finance and Planning Minister Amir Khosru Mahmud Chowdhury, Finance and Planning Adviser Rashed Al Mahmud Titumir, and State Minister for Power, Energy and Mineral Resources Aninda Islam Amit, among others.
The project aims to enhance the Eastern Refinery's capacity, allowing it to refine an additional 3 million metric tonnes of crude oil annually. This expansion is projected to fulfill around 45 to 50 percent of Bangladesh's petroleum product needs, significantly boosting the nation's domestic refining capabilities and reducing reliance on imported refined petroleum.
The IsDB's financial contribution amounts to approximately $1,004.29 million, with the project's completion targeted for November 2030. This initiative is expected to have a profound impact on Bangladesh's petroleum refining industry, contributing to the country's economic growth and energy sustainability.
In a subsequent meeting at the Prime Minister's Office, Dr. Al Jasser and Prime Minister Rahman discussed the deep-rooted development partnership between Bangladesh and the IsDB. Their dialogue covered economic development, investment, infrastructure cooperation, and various mutual interests, expressing optimism for strengthened future collaboration.