Islamic Bank Funds Bangladesh Refining

DhakaThe Islamic Development Bank pledged Bangladesh $1 billion.

Bangladesh imports refined fuel, not crude, paying twice for every price swing.

Brent crude was $96.02 as of Sept. 1, up 10.4% over 30 days — a cost refining capacity can’t shield against.

Construction timelines and drawdown tranches were not disclosed Tuesday.

Sources: Salaam Gateway