OPEC Fund to sign a framework agreement with Bangladesh for wider cooperation

The OPEC Fund will sign a framework agreement for 3 to 5 years for wider cooperation with Bangladesh.

President of OPEC Fund Dr. Abdulhamid Alkhalifa said this in a meeting with Finance Minister Abul Hassan Mahmood Ali in Austria.

A fruitful discussion was held between them, reports BSS.

The Finance Minister thanked the OPEC Fund for its contribution to the socio-economic development of Bangladesh by providing $693.61 million in favour of 32 projects, said a press release.

Ali thanked the Fund for helping Bangladesh during the crying time of COVID by providing budget support. He also acknowledged the Fund's initiative in providing support to the private sector of Bangladesh.

He urged the Fund to provide more support in building a part of "Smart Bangladesh". In response, the President of the OPEC Fund stated that he was amazed by the recent development of Bangladesh.

As a trusted development partner, he assured that the OPEC Fund will surely increase its development support for Bangladesh.

Dr Abdulhamid accepted the idea of having a Framework Agreement given by the Finance Minister and mentioned that OPEC will sign the Framework Agreement for 3-5 years for wider cooperation.

The release said a high-powered Bangladesh delegation led by Finance Minister Abul Hassan Mahmood Ali is visiting Vienna, Austria from 23-26 June to attend OPEC Fund Development Forum 2024.

State Minister of Finance Waseqa Ayesha Khan, the Ambassador of Bangladesh in Austria Asad Alam Siam and Additional Secretary, of Economic Relations Division Mirana Mahrukh accompanied him during the visit.

Earlier on yesterday, Ali attended the 25th Anniversary of OPEC Fund Private Sector Operations. The Finance Minister met the Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED) Waleed Al-Bahar.

He thanked the KFAED for its continued support and assistance in the form of concessional loan and grant since 1974.

Ali requested him to increase its support in days to come. The acting Director General acknowledged the recent development of Bangladesh and assured that the Fund will continue to support Bangladesh in a more productive way.

Along with the public sector, he would like to extend support for the private sector of Bangladesh also.

After the meeting a Loan Agreement for the "Chunkuri Bridge Project" on Chunkuri River in Khulna district was also signed between the Government of Bangladesh and the KFAED Fund. The total cost of the project is $86.91 million among which $42.20 will be given by the KFAED and $30 million will be given by the Abu Dhabi Fund for Development.

The project aims to enhance the economic and social development of the south west region of Bangladesh and to ease the movement of passengers and freight through a direct road connection of the region with the capital city Dhaka.