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IDB to provide Bangladesh 1.5 bln USD for financing fuel oil |
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08:30, June 06, 2008 |
The Islamic Development Bank (IDB) has agreed to provide Bangladesh an additional half a billion U.S. dollars fund annually for financing fuel oil import bills, raising the total fund for fuel oil to 1.5 billion U.S. dollars annually.
"There is an assurance from IDB to provide Bangladesh additional 500 million U.S. dollars yearly," Finance Adviser Dr Mirza Azizul Islam of the Bangladesh caretaker government told journalists here on Thursday on return from an IDB conference in Jeddah.
Bangladesh delegation during the conference requested IDB to double its financing for fuel oil imports to 2 billion U.S. dollars from existing 1 billion U.S. dollars annually as Bangladesh is struggling to meet the increased requirement from domestic sources.
Dr Islam said Bangladesh also requested the finance at a lower rate for the portion from IDB's own resources as IDB also mobilize resources from the market to finance its member countries.
Source:Xinhua
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