The Islamic Development Bank Group Chairman Muhammad Al Jasser and Bangladesh Prime Minister Tarique Rahman discussed deeper cooperation under the government’s Five-Year Strategic Framework for Reform and Development 2026–2031. The talks followed the signing of USD 1 billion in Islamic Development Bank financing to modernize and expand the Eastern Refinery, with the project intended to increase domestic refining capacity, strengthen energy security and reduce reliance on imported refined petroleum products. The two sides also reviewed preparations for the Islamic Development Bank Group’s next Member Country Partnership Strategy for Bangladesh, covering 2027 to 2031. Priorities include energy and food security, transport connectivity, digitalization, job creation, capacity development and private sector led growth, supported by Islamic Development Bank financing, International Islamic Trade Finance Corporation trade finance and ICIEC risk mitigation products. The group has approved more than USD 32 billion in cumulative financing for Bangladesh over more than five decades.
2026-09-03Islamic Development Bank
Islamic Development Bank signs USD 1 billion Bangladesh refinery financing and discusses 2027–2031 partnership strategy
The Islamic Development Bank signed USD 1 billion in financing to modernize and expand Bangladesh’s Eastern Refinery, supporting greater refining capacity and reduced reliance on imported refined petroleum products. The bank and Bangladesh also discussed a 2027–2031 partnership strategy focused on national development priorities, including energy, food security, connectivity, digitalization and private sector growth.