JEDDAH, 13 February 2005 — The Islamic Development Bank (IDB) and Bangladesh signed two agreements for a $60 million financing facility for the Bangladesh Telegraph and Telephone Board (BTTB) at the IDB headquarters here yesterday.
The agreements were signed by Muhammad Nur ul Islam, chairman of BTTB, and Dr. Amadou Boubacar Cisse, vice president (operations) of IDB, in the presence of Bangladeshi Minister of Finance and Planning M. Saifur Rahman, and IDB President Dr. Ahmed Muhammad Ali. The financing would be for a period of 10 years.
Consul General Ashraf Uddin, who was also present on the occasion, told Arab News that the assistance would be very beneficial for the project. He said it would come into effect after some formalities that are to be observed are completed, which would not take long.
The financing, to be provided under a purchase-leaseback arrangement, would be used to fund Bangladesh’s share of the SEA-ME-WE-4 (South East Asia, Middle East, West Europe) submarine telecom cable.
Earlier, the Bangladeshi minister called on the IDB president to discuss means of enhancing the ceiling of import trade finance operation, and export finance scheme, to significantly increase the future financial assistance of the bank to Bangladesh, and other related issues.
