Dhaka: A new agreement on a $2.75 billion Islamic Development Bank financing loan for the Bangladeshi oil and agriculture sectors aims to boost the South Asian nation’s energy and food security by facilitating the import of petroleum products, liquified natural gas and fertilizers.

The International Islamic Trade Finance Corp., a division of the Jeddah-based IsDB, announced earlier this week that it had signed a “landmark annual financing plan with the Government of Bangladesh for US$2.75 billion to support the country’s energy and agriculture sectors.”

The plan will cover the period from July 2025 to June 2026 and will “facilitate the importation of petroleum products, Liquified Natural Gas (LNG) and fertilizers by Bangladesh Petroleum Corporation (BPC), Bangladesh Oil, Gas & Mineral Resources Corporation (Petrobangla) and Bangladesh Agricultural Development Corporation (BADC) respectively,” the ITFC said in a statement.

Bangladesh imports most of its fuel and requires about 1.5 million metric tons of crude oil annually, according to BPC.

The IITFC loan will help the state-owned entity responsible for importing and marketing fuel oil meet its obligations to the suppliers. The two main ones are Saudi Aramco and the UAE’s Adnoc.

“Without the loan support from ITFC, it wouldn’t have been possible for us to ensure a smooth petroleum supply in the local market. For importing crude oil, we need a letter of credit support of around $80 million. Our state-owned banks can’t provide such a huge amount,” Mohammed Morshed Hossain Azad, BPC’s general manager of finance, told Arab News.

“ITFC pays this amount to Saudi Aramco and UAE-based Adnoc on behalf of Bangladesh Petroleum Corp. After six months, we repay this amount to ITFC in installments through our state-owned banks. This loan support from ITFC was crucial for Bangladesh’s energy security … For maintaining a smooth and uninterrupted supply of fuel in our market, there is no alternative in hand.”

While Bangladesh’s energy imports have been supported by ITFC financing before, it is the first time that fertilizer imports are too.

Bangladesh’s annual demand for chemical fertilizers is about 6 million metric tons, of which about 80 percent comes from abroad.

“The timely supply of fertilizer is very important for ensuring the food security of around 175 million people of Bangladesh,” Mohammed Moazzem Hossain, BADC accounts controller, told Arab News.

Under the ITFC deal, the BADC will import triple superphosphate and diammonium phosphate from Saudi Arabia, Tunisia and Morocco.

“We import DAP and TSP fertilizer from these three Muslim countries,” Hossain said.

“This is the first time in the history of Bangladesh that we have received loan support for importing fertilizer. The interest rate is also convenient for us.”

Damascus: Germany’s Development Minister Svenja Schulze promised to support Syria’s “peaceful and stable development” as she visited Damascus on Wednesday to meet with the interim authorities.
“After over 50 years of dictatorship and 14 years of civil war, Syria now has the chance of peaceful and stable development,” Schulze said in a statement.
Her visit comes a little over a month after Islamist-led forces toppled longtime president Bashar Assad.
Schulze is due to meet with the new leadership as well as aid organizations “to identify how Germany can support the development of a peaceful, stable and inclusive Syria,” the minister’s statement said.
“It would be wrong of us not to use this historic window of opportunity to support Syria in embarking on a peaceful new beginning,” she said.
“Germany can do a lot to support the new beginning for... Syrian society.”
Germany is home to Europe’s largest Syrian diaspora community, having taken in nearly a million people from the war-ravaged country.
A German study last month said that if they returned home, Germany could face labor shortages, particularly in the health care industry.
Schulze announced that Berlin was expanding an international hospital partnerships program to include facilities in Syria.
The expansion is part of reconstruction efforts but also aims at retaining “vital” medical professionals in Germany, according to the statement.
Schulze said that while “Syria’s new rulers are keen to regain the skilled workers and professionals who fled the country” during the civil war since 2011, “Germany also has an interest in retaining them.”
Under the expanded program, “doctors from Germany can visit Syria to conduct medical training courses or to train their Syrian colleagues in using new equipment,” the minister said.
“And Syrian doctors can come to Germany for training on both medical and organizational issues.”
Syria has seen a flurry of diplomatic activity since Assad’s fall on December 8, with German Foreign Minister Annalena Baerbock also traveling to Damascus earlier this month.