BHBFC gets Tk 3,200cr from IsDB
Bangladesh House Building Finance Corporation (BHBFC) recently signed an agreement with the Islamic Development Bank (IsDB) under which the former will get around Tk 3,200 crore from the latter.
BHBFC will invest the funds in accordance with Islamic Shariah for the construction of planned, sustainable, eco-friendly, and affordable housing for the low and lower-middle class population in rural and urban areas of Bangladesh
Md Shahriar Kader Siddiky, secretary to the Economic Relations Division of the ministry of finance, and Mansur Muhtar, vice-president of IsDB, penned the deal at the annual meeting of IsDB's board of governors in Riyadh, according to a press release.
The money will be available for the implementation of the second phase of the BHBFC's "Rural and Peri-Urban Housing Finance Project".
The money will be released at the beginning of financial year 2024-25 and the implementation of the project will be completed in five years.
According to the agreement, the investment will support the protection of cultivable land and ensure the best use of land. It will also support adaptation and mitigation of climate challenges and reduction of greenhouse gas emissions, which will play a significant role in the socio-economic development of the country.
Among others, Abul Hassan Mahmood Ali, minister for finance, and Muhammad Sulaiman Al Jasser, chairman of the Islamic Development Bank Group, were also present.
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