Staff Correspondent

Bangladesh House Building Finance Corporation (BHBFC) is receiving funds of 270.57 million Euros or about three thousand and two hundred crore taka to provide investment based on Islamic Sharia in the construction of planned, sustainable and environment-friendly housing.

The organization will get this fund from the Islamic Development Bank (ISDB).

A project implementation agreement was signed between the Government of Bangladesh and ISDB at the annual meeting of ISDB's Board of Governors in Riyadh, Saudi Arabia on April 29. Mr. Md.ShahriarQuader Siddiqui,the Secretary of Economic Relations Department (ERD) of the Ministry of Finance on behalf of the Government of Bangladesh and its vice president Dr. Mansur Muhtar on behalf of ISDB signed the agreement.

Honorable Finance Minister of the People's Republic of Bangladesh Mr. Abul Hasan Mahmud Ali, MP and the Chairman of the Islamic Development Bank Group Dr. Muhammad Al Jasser was present on the occasion. The money will be available for the implementation of the second phase of The Rural and Peri-Urban Housing Finance Project of Bangladesh House Building Finance Corporation.

BHBFC will invest funds in accordance with Islamic Shariah principles to build planned, sustainable and eco-friendly and affordable housing for the low and lower-middle class population living in rural and urban areas of Bangladesh.

According to the agreement, the investment will be expanded in the construction of housing infrastructure supporting the protection of cultivable land and ensuring the best use of land, adaptation and mitigation of climate and reduction of greenhouse gas emissions in the ecology, which will play a significant role in the socio-economic development of the country. The contract money will be released at the beginning of the financial year 2024-25 and the implementation of the project will be completed in five years.

The Managing Director of BHBFC Md. Abdul Mannan termed the signing of this agreement as a milestone in the way of achieving the goals and objectives of BHBFC and expressed his sincere gratitude to all involved in this process including the honorable Finance Minister and secretaries and congratulated everyone.