Saudi Arabia is investing 1.4 billion dollars in Bangladesh Petroleum Corporation

Last Updated on March 27, 2024 3:43 am

Saudi Arabia’s Islamic Trade Finance Corporation (ITFC) has signed an agreement to invest 1.4 billion US dollars in Bangladesh Petroleum Corporation (BPC).

The Saudi Press Agency, the country’s state news agency, said in a report that the agreement was signed on Monday (March 25).

ITFC is a part of the Islamic Development Bank of Saudi Arabia.

It is known that the main aim of this investment agreement is to strengthen the energy sector of Bangladesh.

“This agreement is a testament to the successful long-term partnership between the two parties and this financing plan will ensure energy security for one of South Asia’s fastest growing economies,” the Saudi Press Agency said.