Islamic Development Bank (IsDB) will likely provide an overall support of around $4 billion to $5 billion to various sectors in Bangladesh within the next three years under its "Member Country Partnership Strategy" (MCPS).

Muhammad Nassis Sulaiman, head of the IsDB regional hub in Dhaka, informed journalists about this development while replying to their queries after meeting with Salehuddin Ahmed, finance and commerce adviser to the interim government.

The meeting was held at Ahmed's office at Bangladesh Secretariat in Dhaka yesterday.

"As a part of the MCPS, the plan for the next three years is to give support of $4-5 billion," Sulaiman said.

Asked whether there had been any discussion about International Islamic Trade Finance Corporation (ITFC) increasing its lending limit to Bangladesh for fuel oil purchases, he said it was included in their overall talks with the interim government.

The ITFC is a trade financing arm of IsDB Group.

The IsDB's MCPS needs to be framed in detail for the next couple of years to fix their support, including the ITFC's support to Bangladesh, said Sulaiman.

"So, we really look forward to providing support in infrastructural development and address some of the issues related to climate change in the country," he added.

He also talked about the IsDB Group's interventions.

"Of course, the interim government is also looking forward to seeking support for overall engagement, particularly we will discuss it with the ITFC about how the support can be further developed and moved forward," he said.

Sulaiman mentioned that the IsDB would continue working for the socioeconomic development of Bangladesh.

"Considering the IsDB's strategies and the interim government's priorities, we will hopefully be able to give the required support in terms of resources and collaboration," he said.

Salehuddin Ahmed said since the IsDB was a multilateral development partner of Bangladesh, they were providing various kinds of assistance to the country, such as in the health sector and for building cyclone shelters.

He informed that the interim government has requested them to support in rebuilding the damaged rural roads affected by recent devastating floods in the country.

He also said they have already conducted a survey in Sylhet, one of the worst affected areas, to this end.

"Overall, the IsDB will support us in rebuilding damaged rural roads. They are already supporting us in the health sector, constructing bridges, physical infrastructures and so on," Ahmed added.

Regarding support in purchasing fuel oil, the finance adviser said the IsDB would explore possibilities for boosting existing cooperation through consultations with other development partners.

"We've requested them to provide us funds and they would assess the possibilities. Until it is finalised, nothing can be said as the IsDB board meeting will be held in December," he added.

Ahmed also said the Jeddah-based lending agency would provide long-term support to Bangladesh in line with the country's demands.

"Overall, the IsDB will support us," he said.

Regarding the MCPS, he informed that the government would assess potential projects for which funds would be sought and the IsDB would then consider whether to move forward with those.

The MCPS for 2024-2026, titled "Supporting Sustainable Economic Growth and Resilience", was launched on April 29.

The Bangladesh MCPS provides broad strategic directions and focuses on sectors for the IsDB's engagement in the country.

The MCPS focuses on building sustainable infrastructure for energy, transport, information and communications technology, water and sanitation.

It seeks to enhance future competitiveness of Bangladesh through support for education, health, agriculture and nutritional security.

It also aims to provide complementary cross-cutting support on climate change mitigation and adaptation, women and youth empowerment, capacity development, and enhancing financial market depth and access to finance through Islamic finance.