ITFC, Saudi EXIM Bank, OPEC Fund Partner to Support Fertilizer Imports in Bangladesh

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a Murabaha financing agreement today with the Saudi Export-Import Bank (Saudi EXIM) and the OPEC Fund for International Development, worth $100 million, in favor of the People’s Republic of Bangladesh.

 This financing marks a significant step in supporting Bangladesh’s food security strategy and promoting intra-trade among member states of the Organization of Islamic Cooperation (OIC). Under the agreement, Bangladesh Agricultural Development Corporation, as the implementing agency of the Government of Bangladesh, will import fertilizers from the Kingdom of Saudi Arabia.

 The financing forms part of a broader $2.75 billion plan signed in December 2024 between ITFC and the Government of Bangladesh to cover financing needs for the fiscal year 2025–2026, including imports of strategic commodities such as petroleum products, liquefied natural gas, and fertilizers.

 The financing is expected to enhance agricultural production and improve the livelihoods of some 7.9 million people engaged directly or indirectly in agriculture, particularly in rice production, which constitutes the backbone of the country’s food security and a vital source of livelihood in rural areas.