B Mirror Desk : The government of Bangladesh is receiving a budget support of $100 million from the OPEC Fund for International Development (OFID). Under the “Strengthening Economic Management and Governance Program,” the financing deal was signed.
Abdul Hamid Alkhalifa, President of OFID, and Md. Shahriar Quader Siddiqui, Secretary of the Ministry of Finance’s Economic Relations Division (ERD), inked the deal in Washington, DC, USA.
According to an ERD release, this loan will support Bangladesh’s banking sector reforms and macroeconomic management. The loan has a six-month EURIBOR interest rate + 1.20 percent annually. A 0.25 percent annual commitment fee will also be applied to the undrawn amount. The loan has a grace period of three years.
The OPEC Fund has been working as a development partner of Bangladesh since the fiscal year 1977-78. The organization has been financing various infrastructure projects, including road communication and power sectors.
ERD also said that so far, OFID has provided a total of $693.61 million in assistance to 32 public sectors in Bangladesh and $310.21 million to the private sector.
Since the 1977–1978 fiscal year, the OPEC Fund has been a development partner of Bangladesh. The company has been funding a number of infrastructure initiatives, such as those in the power and road communication sectors.
Additionally, according to ERD, OFID has so far given $310.21 million to the commercial sector and $693.61 million to 32 governmental sectors in Bangladesh.
