Saudi Arabia is investing 1.4 billion dollars (15 thousand 348 crores in Bangladeshi currency) in the energy sector of Bangladesh. An agreement has already been signed at the government level of the two countries.
The investment money will be provided through the Islamic Trade Finance Corporation (ITFC), a special project of the Islamic Development Bank (IDB), the government financial institution of Saudi Arabia.
The recently signed agreement was attended by ITFC as the representative of the Saudi government and Bangladesh Petroleum Corporation (BPC), the country’s oil import and marketing authority, as the representative of the Bangladesh government.
Saudi state news agency SPA reported that the agreement signed is long-term. This money will be invested in various sectors related to the development of Bangladesh’s energy sector.
“This agreement is a testament to the friendship and long-standing partnership between the two countries. It is expected that the energy security of a country known as the fastest growing economy in South Asia will be ensured through this agreement’, SPA said in the report.
