The International Islamic Trade Finance Corp. (ITFC), a key entity within the Islamic Development Bank Group, allocated $3.8 billion in 2023 to support the energy sectors of its member countries. According to ITFC’s annual report, 55 percent of this funding was directed towards the power sector, demonstrating the organization’s commitment to ensuring reliable access to energy resources. Since its inception in 2008, ITFC has approved $49 billion for energy sector projects, emphasizing its strategic focus on energy as a critical driver of development and improved living standards.
In March, ITFC announced plans to invest $1.4 billion in Bangladesh’s energy infrastructure, reinforcing its partnership with Bangladesh Petroleum Corp. This initiative, along with several agreements made during the 49th Annual Meeting of the Islamic Development Bank in Riyadh, underscores ITFC’s dedication to fostering economic growth and cooperation among member states. These efforts are aimed at enhancing trade, supporting economic development, and improving livelihoods, particularly in the least developed member countries.