IDB to provide $1 billion for Eastern Refinery expansion agreement signed in presence of PM
An agreement for $1 billion in financing for the Eastern Refinery modernization and expansion project was signed in the presence of Honorable Prime Minister Tarique Rahman and Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group.
The agreement was signed on Thursday (September 3, 2026) at the Bangladesh Secretariat. Dr. Md. Mizanur Rahman, Additional Secretary of the Economic Relations Division under the Ministry of Finance, signed the agreement on behalf of the Government of Bangladesh, while Anasse Aissami, Director General (Country Programs), signed on behalf of the Islamic Development Bank Group.
Senior officials from various ministries and departments attended the event, including Finance and Planning Minister Amir Khasru Mahmud Chowdhury;
Finance and Planning Adviser Rashed Al Mahmud Titumir; State Minister for Power, Energy and Mineral Resources Anindya Islam Amit; State Minister for Foreign Affairs Humayun Kabir; the Prime Minister’s Adviser on Education, Expatriate Welfare, and Labour and Employment Mahdi Amin; Prime Minister’s Advisor on Posts, Telecommunications and Information Technology and Science and Technology Rehan Asif Asad, Prime Minister’s Special Assistant Tanvir Ghani, Cabinet Secretary Nasimul Gani; and the Prime Minister’s Principal Secretary ABM Abdus Sattar.
High-ranking officials from the Islamic Development Bank Group were also present at the signing ceremony.
Under this project, the Eastern Refinery will gain the capacity to refine an additional 3 million metric tons of crude oil annually. Once implemented, the project will enable the country to meet approximately 45 to 50 percent of its demand for petroleum products.
The IsDB is providing approximately US$1 billion (1,004.29 million) in funding for the project. The project is scheduled for completion by November 2030.
Following the agreement-signing ceremony, Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group, paid a courtesy call on the Prime Minister at the Prime Minister’s Office in the Secretariat.
During the meeting, discussions were held on various matters of mutual interest, including the long-standing development partnership between Bangladesh and the Islamic Development Bank (IsDB), as well as the further expansion of cooperation in the country’s economic development, investment, and infrastructure sectors.
They expressed hope that the cooperation and development partnership between Bangladesh and the IsDB would be further strengthened in the future.
