Dhaka, Sept 17 (UNB)- The Islamic Development Bank (IsDB) has announced plans to provide Bangladesh with financial support totaling $4-5 billion over the next three years under its Member Country Partnership Strategy (MCPS) for 2024-2026. This funding will be directed towards key sectors including infrastructure, climate change adaptation, and socio-economic development.
 
Muhammad Nassis Sulaiman, Head of the IsDB Regional Hub, disclosed this information on Tuesday after a meeting with Finance Adviser Dr. Salehuddin Ahmed at the Bangladesh Secretariat. "As part of the Member Country Partnership Strategy (MCPS), we plan to provide around $4 to $5 billion in support over the next three years," Sulaiman said.
 
Sulaiman highlighted that the bank's strategy would address critical issues such as infrastructural development and climate change. "We look forward to providing support in infrastructural development to tackle the climate challenges facing Bangladesh," he said.
 
When asked about the possibility of increasing the lending limit for purchasing fuel oil through the International Islamic Trade Finance Corporation (ITFC), a trade financing arm of the IsDB Group, Sulaiman confirmed that this was part of ongoing discussions with the government.
 
Finance Adviser Dr. Salehuddin Ahmed emphasized the importance of IsDB's role as a multilateral development partner, particularly in the health sector and disaster recovery efforts. The government has requested support for rebuilding rural roads damaged by the recent devastating floods, Dr. Salehuddin noted, adding that the IsDB had already conducted a survey in the Sylhet region.
 
Regarding the financing for fuel oil, the finance adviser mentioned that while discussions were ongoing, any final decision would depend on the outcomes of the IsDB Board meeting scheduled for December. "We've requested funds, and they will assess the possibilities. Until then, nothing is finalized," he said.
 
Sulaiman reiterated IsDB's long-term commitment to supporting Bangladesh's socio-economic development, stressing the importance of aligning their efforts with the country's strategic priorities. "Considering the IsDB's strategies and the government's priorities, hopefully we will be able to support in terms of resources and collaboration with other development partners as well."
 
Bangladesh Member Country Partnership Strategy (MCPS) (2024-2026), titled "Supporting Sustainable Economic Growth and Resilience" was launched on April 29, 2024.
 
The MCPS provides broad strategic directions and sectoral focuses for IsDB's engagement in Bangladesh.
 
The MCPS focuses on building sustainable infrastructure for driving industry through support for energy, transport, information and communications technology (ICT), water and sanitation, and enhancing future competitiveness of Bangladesh through support for education, health, agriculture and nutritional security with complementary cross-cutting support on climate change mitigation and adaptation, women and youth empowerment, capacity development, and enhancing financial market depth and access to finance through Islamic finance.
 
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