Dhaka : Bangladesh capital is set to become a regional hub of the Islamic Development Bank (IDB) by September next.
The Economic Relations Division (ERD) and the IDB said the Jeddah-based multilateral development partner has sent a written proposal to the Bangladesh Government (GoB).
In the letter, the IDB has expressed its willingness to launch its regional office in Dhaka by September.
They also said the move is taken as part of the IDB's ongoing process of decentralisation across the world.
Prime Minister Sheikh Hasina is expected to formally inaugurate the regional head office and the IDB has recently sent the letter to the GoB, asking for a timeslot of the Prime Minister in September.
The Islamic multilateral development financier is currently represented in Bangladesh by a field representative office.
In late 2015, the IDB and the GoB signed a deal for setting up a country gateway office in Dhaka.
Since assuming office, Dr. Bandar M H Hajjar, President, IDB has moved for growing decentralisation of the IDB activities and envisaged to establish 11 regional hubs across the world, and Dhaka will be one of them.
Currently, the decisions regarding the IDB's local activities receives final nod from its Jeddah headquarter.
Once operational, Dhaka would be the regional hub of three IDB member countries- Bangladesh, the Maldives and Afghanistan- as well as a number of non-member countries like India and Myanmar.
The IDB was founded in 1973 at the first Organisation of the Islamic Conference- now called the Organisation of Islamic Cooperation or OIC- under the auspices of Saudi Arabia.
Bangladesh was the fourth largest recipient of the IDB financing in 2017, receiving funds worth US$ 900.6 million. The amount was 9.2 per cent of the total IDB financing that year.