The Islamic Development Bank (IsDB) on Thursday signed a US$1 billion financing agreement with Bangladesh for the modernisation and expansion of the Eastern Refinery Project.
The agreement was signed at the Cabinet Division of the Bangladesh Secretariat in the presence of Prime Minister Tarique Rahman and the IsDB Group President Dr Muhammad Al Jasser, said PM’s Assistant Press Secretary Shahriar Pamir.
Economic Relations Division Additional Secretary Dr Md Mizanur Rahman, on behalf of the government, and IsDB Director General (Country Programmes) Anasi Aissami, on behalf of the bank, inked the agreement.
Finance and Planning Minister Amir Khosru Mahmud Chowdhury, Finance and Planning Adviser Rashed Al Mahmud Titumir, State Minister for Power, Energy and Mineral Resources Aninda Islam Amit, State Minister for Foreign Affairs Humaiun Kobir, Prime Minister’s Adviser for Education, Expatriates’ Welfare and Overseas Employment Mahdi Amin, Prime Minister’s Adviser for Posts, Telecommunications and Information Technology and Science and Technology Rehan Asif Asad, PM’s Special Assistant Tanvir Gani, Cabinet Secretary Nasimul Gani and PM’s Principal Secretary ABM Abdus Sattar, among others, were present.
Senior officials of the IsDB Group also attended the signing ceremony.
Under the project, Eastern Refinery will gain the capacity to refine an additional 3 million metric tonnes of crude oil annually.
Once implemented, the project is expected to meet around 45 to 50 percent of the country’s demand for petroleum products.
The IsDB is providing about $1 billion, or $1,004.29 million, in financing for the project, which is scheduled to be completed by November 2030.
The project is expected to boost Bangladesh’s domestic petroleum refining capacity and reduce its dependence on imported refined petroleum products.
Following the signing ceremony, Dr Al Jasser paid a courtesy call on Prime Minister Tarique Rahman at the Prime Minister’s Office at the Secretariat.
During the meeting, they discussed Bangladesh’s longstanding development partnership with the IsDB, economic development, and expanding cooperation in investment and infrastructure, as well as other issues of mutual interest.
They expressed hope that cooperation and the development partnership between Bangladesh and the IsDB would be further strengthened in the coming days.