International Islamic Trade and Finance Corporation (IITFC) has come up with a proposal for funding country’s power and energy infrastructure projects.
The proposal came when an IITFC high level delegation called on State Minister for Power and Energy Nasrul Hamid at his secretariat office in the city yesterday.
The IITFC – an extended hand of Islamic Development Group – is now funding for petroleum fuels purchase. But the funding has been remarkably reduced during the last three to four years due to fall of international oil market.
In current year, the government has negotiated to procure US$700 million loan from IITFC, which was over $1000 million in previous years on average.
So, the IITFC has been interested in diverting its loan into another potential sector by preparing a framework, visiting IITFC official informed the minister as per the Dhaka proposal.
IITFC Chief Executive Office Engr. Hani Salom Sonbol led the delegation during the visit.
Hani Salom said IITFC has been providing support to Bangladesh for petroleum fuel purchase since 1979. He said IITFC is now interested in financing in LNG projects here and it has already funded in different projects sponsored by Bangladesh Petroleum Corporation.
Responding to the visiting delegation, Nasrul Hmaid said the GDP size of Bangladesh is growing bigger to bigger. So the IITFC has an opportunity for funding coal power, LNG terminal, refinery and LPG projects here.