Bangladesh, Sept. 3 -- The government has signed a $1 billion agreement with the Islamic Development Bank (IDB) to modernise and expand Eastern Refinery, the only state-owned oil refinery in Bangladesh.

The agreement was signed at the Secretariat on Thursday in the presence of Prime Minister Tarique Rahman and IDB Group Chairman Muhammad Sulaiman Al Jasser, according to the Prime Minister's Deputy Press Secretary Mostafa Zulfiquar Hasan (Shiplu).

The agreement was signed on behalf of the Bangladesh government by Md Mohammad Mizanur Rahman, additional secretary of the Economic Relations Division of the Ministry of Finance and on behalf of IDB Group by Director General (Country Programs) Anasse Aisami.

Stating that the Eastern Refinery ...