Dhaka: The OPEC Fund for International Development (OPEC Fund) is contributing $25 million to a $100 million syndicated Murabaha financing facility aimed at strengthening food security and agricultural resilience in Bangladesh. This initiative is a significant step towards improving the agricultural sector in the country, ensuring that critical resources reach the farmers who need them most.
According to Emirates News Agency, the facility is arranged by the International Islamic Trade Finance Corporation (ITFC) and includes participation from the Saudi EXIM Bank. The financing will enable the Bangladesh Agricultural Development Corporation (BADC) to import essential fertilizers. These imports are expected to provide direct support to the country's rice farmers and the broader agricultural sector, which is vital given the role agriculture plays in Bangladesh's economy.
OPEC Fund President Abdulhamid Alkhalifa emphasized the organization's commitment to supporting Bangladesh's development agenda. He noted that agriculture is a central component of the economy, employing nearly half of the workforce. The OPEC Fund's involvement aligns with its strategic priorities, particularly in enhancing food security. Alkhalifa highlighted the partnership with member countries like Saudi Arabia as an example of advancing South-South cooperation and sustainable development globally.