Dhaka: Prime Minister Tarique Rahman today announced that the government's objective to transform Bangladesh into a trillion-dollar economy by 2034 is a strategic plan focused on expanding exports, boosting investments, and ensuring financial discipline.
According to Bangladesh Sangbad Sangstha, the Prime Minister emphasized this vision during a significant event at the Bangladesh Secretariat, where a financing agreement was signed with the Islamic Development Bank (IsDB) to secure approximately US$1 billion for the modernization and expansion of Eastern Refinery Limited (ERL). Prime Minister's Deputy Press Secretary Hasan Shiplu provided further details, underscoring the government's commitment to establishing Bangladesh as a manufacturing hub and a gateway to the region. The Prime Minister highlighted the importance of diversifying the economy, from garments to electronics, pharmaceuticals, light engineering, and green industries, to create meaningful job opportunities.
The Prime Minister also emphasized social protection initiatives, including the Family Card, Farmer Card, and the Health Card, which is currently in progress. He noted the significance of partnerships amid global challenges such as geopolitical tensions, supply chain disruptions, energy and food insecurity, climate change, technological transformation, and rising development-financing costs.
Prime Minister Tarique Rahman called for renewed cooperation between Bangladesh and the IsDB, aiming for more innovative, responsive, and results-oriented collaboration to align with Bangladesh's evolving development priorities. He acknowledged the IsDB as a reliable source of development financing for Bangladesh.
Welcoming Dr. Muhammad Al Jasser to Bangladesh, the Prime Minister congratulated him on his re-election as Chairman of the IsDB Group, acknowledging the bank's significant achievements under his leadership. He expressed confidence that Dr. Al Jasser's second term would bring further accomplishments and looked forward to continued collaboration.
The Prime Minister described the financing agreement as a statement of confidence in Bangladesh by the Islamic Development Bank. He emphasized the importance of the longstanding partnership between Bangladesh and the IsDB, built on trust, solidarity, and shared purpose as members of the Islamic Ummah.
The Prime Minister expressed appreciation for Dr. Al Jasser's leadership in establishing the Islamic Concessional Fund (ICF) and reiterated Bangladesh's commitment to benefiting from this low-cost financing window. He expressed hope for an expansion of concessional financing assistance to member countries amid global challenges.
Highlighting the broader role of the IsDB, the Prime Minister suggested that the bank could facilitate connections between member countries to leverage their respective strengths. He expressed gratitude to Dr. Al Jasser for visiting Bangladesh and reinforcing bilateral relations.
The Prime Minister concluded by emphasizing the significance of the financing agreement for the modernization and expansion of Eastern Refinery Limited, highlighting its contribution to Bangladesh's energy security, economic resilience, and long-term growth capacity.
The agreement, valued at USD 1004.29 million, was signed between the Government of Bangladesh (GoB) and the IsDB, represented by Dr. Mohammad Mizanur Rahman, Additional Secretary, Economic Relations Division, Ministry of Finance, and Anasse Aissami, Director General, Country Programs, IsDB. Prime Minister Tarique Rahman and Dr. Muhammad Al Jasser attended the signing ceremony, marking a milestone in Bangladesh-IsDB cooperation.
The project, to be implemented by Bangladesh Petroleum Corporation (BPC), aims to increase the refining capacity from 1.5 million MT to 4.5 million MT, enhancing the country's energy security and reducing dependence on imported refined fuel oil. The IsDB has been a trusted development partner for Bangladesh, providing continuous support for its socioeconomic development through various financial instruments.
Following the signing ceremony, the IsDB Group Chairman reaffirmed his commitment to supporting Bangladesh's development priorities, strengthening the partnership between the two entities.