At the recent Islamic Development Bank (IsDB) annual meeting in Riyadh, Bangladesh secured a substantial loan agreement titled “Rural and Peri-Urban Housing Finance Project-Second Phase,” amounting to approximately US$289.52 million (€270.57 million).
The project, spanning five years from its effectiveness date, was formalized through a signing ceremony between the Bangladeshi government and the Islamic Development Bank (IsDB) on Monday.
Representing their respective sides, Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division, Ministry of Finance, and Dr. Mansur Muhtar, Vice President of IsDB, inked the crucial loan agreement, witnessed by Finance Minister Abul Hassan Mahmood Ali and IsDB Chairman Dr. Muhammad Al Jasser.
Under the auspices of the Financial Institutions Division, the Bangladesh House Building Finance Corporation will spearhead the implementation of this transformative project.
Designed to offer affordable housing loans, the project aims to construct sustainable, eco-friendly multi-storied residential buildings equipped with essential amenities. Targeting the low and lower-middle-income populace residing in rural and peri-urban areas, this initiative holds the promise of optimizing land usage, thereby conserving cultivable land.
Moreover, the project seeks to bolster the House Building Finance Corporation’s capacity in facilitating house-building loan financing activities.
With IsDB serving as a trusted multilateral development partner, Bangladesh has received steadfast support for its socio-economic advancement. IsDB’s contributions, spanning grants, project loans, trade financing, private sector financing, and export credit guarantees, underscore its commitment to Bangladesh’s development journey.
