BD, IsDB sign $1b loan deal today

CHATTOGRAM, Sept 2: The $1 billion loan agreement for the expansion of Eastern Refinery Limited (ERL) will be signed today (Thursday) with the Islamic Development Bank (IsDB).  

The agreement will be inked in Dhaka at the presence of the IsDB President and the Bangladesh Prime Minister Tareque Rahman, according to Bangladesh Petroleum Corporation (BPC) sources.  

In this connection the President of the Islamic Development Bank (IsDB) Group, H.E. Dr. Muhammad Al Jasser, arrived in Dhaka on Wednesday. His visit will run from September 2 to September 4.

The funding is strictly dedicated to constructing the second unit of Eastern Refinery Limited (ERL-2) to boost domestic refining capacity and reduce fuel import dependence.

Dr. Al Jasser will lead a high-level delegation to meet with government officials and participate in various official development programs in Bangladesh.

Representatives from Bangladesh’s Economic Relations Division (ERD) and the IsDB will sign the agreement on their respective sides.