OPEC Fund to Enhance Cooperation with Bangladesh in Multi-Year Agreement

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OPEC Fund to Enhance Cooperation with Bangladesh in Multi-Year Agreement

The OPEC Fund is set to sign a multi-year framework agreement with Bangladesh, aiming to strengthen their cooperation over the next three to five years. This announcement came during a meeting between OPEC Fund President Dr. Abdulhamid Alkhalifa and Bangladesh’s Finance Minister Abul Hassan Mahmood Ali in Austria.

The finance minister expressed gratitude for the OPEC Fund’s significant contributions to Bangladesh’s socio-economic development, highlighting the $693.61 million provided for 32 projects. He also acknowledged the Fund’s timely support during the COVID-19 pandemic and its initiatives in backing Bangladesh’s private sector.

Ali emphasized the need for continued support to build a “Smart Bangladesh.” Dr. Alkhalifa, impressed by Bangladesh’s recent development, assured that the OPEC Fund would increase its development assistance, reaffirming their role as a trusted development partner.

Dr. Alkhalifa welcomed the finance minister’s proposal for a framework agreement, confirming that the OPEC Fund would sign it to ensure wider cooperation over the next three to five years.

A high-level Bangladeshi delegation, led by Finance Minister Ali, is visiting Vienna from June 23-26 to attend the OPEC Fund Development Forum 2024. The delegation includes State Minister of Finance Waseqa Ayesha Khan, Bangladesh Ambassador to Austria Asad Alam Siam, and Additional Secretary of the Economic Relations Division Mirana Mahrukh.

During the visit, Finance Minister Ali also attended the 25th Anniversary of OPEC Fund Private Sector Operations. He met with Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar, thanking him for their longstanding support since 1974. Ali requested increased future support, which Al-Bahar acknowledged, assuring continued assistance for both the public and private sectors in Bangladesh.

Additionally, a loan agreement for the “Chunkuri Bridge Project” in Khulna district was signed between the Government of Bangladesh and the KFAED Fund. The project, costing $86.91 million, will be funded by a $42.20 million loan from KFAED and $30 million from the Abu Dhabi Fund for Development. This project aims to enhance the economic and social development of southwestern Bangladesh by improving passenger and freight movement through a direct road connection with Dhaka

Yasir Monon
Yasir Monon
Online Editor, Business Mirror

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