New IsDB financing plan to strengthen Bangladesh’s energy, food security

Special New IsDB financing plan to strengthen Bangladesh’s energy, food security
In this photo released by the International Islamic Trade Finance Corporation on Jan. 13, 2025, Nazeem Noordali, COO of the IITFC, signs an agreement with Shahriar Kader Siddiky, secretary of the Economic Relations Division of the Bangladeshi Ministry of Finance, at the IITFC headquarters in Jeddah. (IITFC)
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Updated 15 January 2025
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New IsDB financing plan to strengthen Bangladesh’s energy, food security

New IsDB financing plan to strengthen Bangladesh’s energy, food security
  • International Islamic Trade Finance Corp. offers $2.75bn support
  • For the first time financing extended for Bangladesh’s fertilizer imports

Dhaka: A new agreement on a $2.75 billion Islamic Development Bank financing loan for the Bangladeshi oil and agriculture sectors aims to boost the South Asian nation’s energy and food security by facilitating the import of petroleum products, liquified natural gas and fertilizers.

The International Islamic Trade Finance Corp., a division of the Jeddah-based IsDB, announced earlier this week that it had signed a “landmark annual financing plan with the Government of Bangladesh for US$2.75 billion to support the country’s energy and agriculture sectors.”

The plan will cover the period from July 2025 to June 2026 and will “facilitate the importation of petroleum products, Liquified Natural Gas (LNG) and fertilizers by Bangladesh Petroleum Corporation (BPC), Bangladesh Oil, Gas & Mineral Resources Corporation (Petrobangla) and Bangladesh Agricultural Development Corporation (BADC) respectively,” the ITFC said in a statement.

Bangladesh imports most of its fuel and requires about 1.5 million metric tons of crude oil annually, according to BPC.

The IITFC loan will help the state-owned entity responsible for importing and marketing fuel oil meet its obligations to the suppliers. The two main ones are Saudi Aramco and the UAE’s Adnoc.

“Without the loan support from ITFC, it wouldn’t have been possible for us to ensure a smooth petroleum supply in the local market. For importing crude oil, we need a letter of credit support of around $80 million. Our state-owned banks can’t provide such a huge amount,” Mohammed Morshed Hossain Azad, BPC’s general manager of finance, told Arab News.

“ITFC pays this amount to Saudi Aramco and UAE-based Adnoc on behalf of Bangladesh Petroleum Corp. After six months, we repay this amount to ITFC in installments through our state-owned banks. This loan support from ITFC was crucial for Bangladesh’s energy security … For maintaining a smooth and uninterrupted supply of fuel in our market, there is no alternative in hand.”

While Bangladesh’s energy imports have been supported by ITFC financing before, it is the first time that fertilizer imports are too.

Bangladesh’s annual demand for chemical fertilizers is about 6 million metric tons, of which about 80 percent comes from abroad.

“The timely supply of fertilizer is very important for ensuring the food security of around 175 million people of Bangladesh,” Mohammed Moazzem Hossain, BADC accounts controller, told Arab News.

Under the ITFC deal, the BADC will import triple superphosphate and diammonium phosphate from Saudi Arabia, Tunisia and Morocco.

“We import DAP and TSP fertilizer from these three Muslim countries,” Hossain said.

“This is the first time in the history of Bangladesh that we have received loan support for importing fertilizer. The interest rate is also convenient for us.”


Indonesian president is India’s Republic Day chief guest as Asian giants forge new partnerships

Indonesian president is India’s Republic Day chief guest as Asian giants forge new partnerships
Updated 26 January 2025
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Indonesian president is India’s Republic Day chief guest as Asian giants forge new partnerships

Indonesian president is India’s Republic Day chief guest as Asian giants forge new partnerships
  • Indonesia’s first president Sukarno was the chief guest in India’s first Republic Day celebration in 1950
  • A 350-member contingent from Indonesian military also joined the Republic Day parade on Sunday

NEW DELHI: India celebrated its 76th Republic Day on Sunday with a colorful parade in New Delhi displaying its military might and Indonesian President Prabowo Subianto as the guest of honor.

Thousands of people gathered in the capital to watch the long parade commemorating the official adoption of India’s Constitution on Jan. 26, 1950, after gaining independence from British colonial rule in 1947.

Indian troops and their bands were marching on the Kartavya Path, or the Boulevard of Duty, as the 90-minute parade showcased motorbike stunts and a number of cultural performances involving thousands of artists in colorful costumes.

A contingent comprising about 350 members from the Indonesian military also participated in the parade, marking the first time that troops from Southeast Asia’s biggest economy have joined any foreign parade.

Prabowo attended the event as the chief guest and was flanked by India’s premier and president, joining a list of foreign leaders who were invited to witness the spectacle, as per the country’s tradition.

In 1950 — India’s first Republic Day celebration — Indonesia’s first president Sukarno was the chief guest. French President Emmanuel Macron was the guest of honor last year, while former US President Barack Obama had attended in 2015.

The celebrations come a day after Modi and Prabowo agreed to expand ties, signing a series of cooperation agreements on health, defense, digital technology and maritime affairs.

“We discussed ways to deepen India-Indonesia relations in areas such as security, defense manufacturing, trade, fintech, AI and more. Sectors like food security, energy and disaster management are also areas where we look forward to working closely (together),” Modi said following their meeting on Saturday.

Prabowo’s visit to India was his first since becoming Indonesia’s president in October.

“I want to reiterate my commitment, my determination to further develop our cooperation and friendship,” Prabowo said.

“Our (strategic) partnership will be a strong foundation for the two countries to continue moving forward (and) strengthen the friendship that we have had for 75 years.”

Gautam Kumar Jha, an assistant professor at the Center for Chinese and Southeast Asian Studies at Jawaharlal Nehru University, said the two countries have signaled strong interest in increasing cooperation.

“As a former military commander, President Prabowo brings a deep understanding of security and strategic partnerships, enhancing the collaboration between India and Indonesia. His role as the chief guest on India’s Republic Day is particularly significant compared to previous Indonesian presidents who have visited India,” Jha told Arab News.

“President Prabowo’s (priorities in) strengthening Indonesia’s maritime security, trade and social welfare schemes — such as the mid-day meal scheme currently run in India — are crucial for both nations.”

Indonesia is one of India’s largest trading partners among countries of the Association of Southeast Asian Nations, with bilateral trade reaching a record high of $38.8 billion in April 2022-March 2023, Indian government data showed.

India has also agreed to support Indonesia’s ongoing defense modernization program through experience and expertise sharing, according to a joint statement.

“The meeting on Saturday has established a trusted platform, enabling both countries to collaborate for mutual benefit,” Jha said. “This timing is ideal, as both Indian and Indonesian stakeholders are eager to elevate bilateral ties to a new level.”


South Korean president indicted as ‘ringleader of an insurrection’

South Korean president indicted as ‘ringleader of an insurrection’
Updated 26 January 2025
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South Korean president indicted as ‘ringleader of an insurrection’

South Korean president indicted as ‘ringleader of an insurrection’
  • Yoon Suk Yeol plunged the country into political chaos with his December 3 bid to suspend civilian rule
  • If the court rules against Yoon, he will lose the presidency and an election will be called within 60 days

SEOUL: South Korean prosecutors indicted impeached President Yoon Suk Yeol Sunday for being the “ringleader of an insurrection” after his abortive declaration of martial law, ordering the suspended leader to remain in detention.
Yoon plunged the country into political chaos with his December 3 bid to suspend civilian rule, a move which lasted just six hours before lawmakers defied armed soliders in parliament to vote it down.
He was impeached soon after, and earlier this month became the first sitting South Korean head of state to be arrested.
That came after a weeks-long hold out at his residence where his elite personal security detail resisted attempts to detain him.
In a statement, prosecutors said they had “indicted Yoon Suk Yeol with detention today on charges of being the ringleader of an insurrection.”
He has been held at the Seoul Detention Center since his arrest, and the formal indictment with detention means he will now be kept behind bars until his trial, which must happen within six months.
The indictment was widely expected after a court twice rejected requests by prosecutors to extend his arrest warrant while their investigation proceeded.
“After a comprehensive review of evidence obtained during investigations (prosecutors) concluded that it was only appropriate to indict the defendant,” they said in a statement.
The need to keep Yoon behind bars was justified by a “continued risk of evidence destruction,” they said.
The specific charge — being the ringleader of an insurrection — is not covered by presidential immunity, they added.
The opposition hailed the indictment.
“We need to hold not only those who schemed to carry out an illegal insurrection, but also those who instigated it by spreading misinformation,” said lawmaker Han Min-soo.
Without providing evidence, Yoon and his legal team have pointed to purported election fraud and legislative gridlock at the opposition-controlled parliament as justification for his declaration of martial law.
Yoon has vowed to “fight to the end,” earning the support of supporters who have adopted the “stop the steal” rhetoric associated with US President Donald Trump.
“This indictment will provide a sense of relief, reaffirming that the constitutional order is functioning as it should,” said Bae Kang-hoon, co-founder of political think tank Valid.
Yoon also faces a series of Constitutional Court hearings, to decide whether to uphold his impeachment and strip him formally of the presidency.
If the court rules against Yoon, he will lose the presidency and an election will be called within 60 days.


Afghan Taliban supporters rally against ICC arrest warrant requests

Afghan Taliban supporters rally against ICC arrest warrant requests
Updated 26 January 2025
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Afghan Taliban supporters rally against ICC arrest warrant requests

Afghan Taliban supporters rally against ICC arrest warrant requests
  • Some 200 Taliban supporters rallied in central Afghanistan on Sunday against the International Criminal Court chief prosecutor’s request for arrest warrants for two Taliban leaders

GHAZNI: Some 200 Taliban supporters rallied in central Afghanistan on Sunday against the International Criminal Court chief prosecutor’s request for arrest warrants for two Taliban leaders.
The rally followed the announcement by the ICC on Thursday that chief prosecutor Karim Khan was seeking arrest warrants for Taliban Supreme Leader Hibatullah Akhundzada and Chief Justice Abdul Hakim Haqqani over the persecution of women.
The Taliban government has imposed a raft of restrictions on women and girls, which the United Nations has described as “gender apartheid,” since sweeping back to power in 2021.
Demonstrators in Ghazni city condemned Khan’s move, chanting slogans that included “Death to America” and “long live the Islamic Emirate” — the Taliban authorities’ name for their government.
“We have gathered here to show the West that their decision is cruel and rejected by Afghans,” said Ghazni resident Noorulhaq Omar.
“It will never be accepted because the Afghan nation will sacrifice their life for their emir,” he said, referring to Akhundzada.
Hamidullah Nisar, Ghazni province’s head of the information and culture department, joined residents at the rally.
“We totally reject what the ICC has said against the leadership of the Islamic Emirate, and we want them to take back their words,” he said.
Most demonstrations have been suppressed in Afghanistan since the Taliban takeover, with the exception of those by the authorities’ supporters.
Afghanistan’s Taliban government dismissed Khan’s arrest warrant requests on Friday as “politically motivated.”
Rights groups and activists have praised the ICC move.


Iran FM arrives in Kabul in first visit after Taliban’s takeover

Iran FM arrives in Kabul in first visit after Taliban’s takeover
Updated 26 January 2025
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Iran FM arrives in Kabul in first visit after Taliban’s takeover

Iran FM arrives in Kabul in first visit after Taliban’s takeover
  • One-day visit is part of an effort to bolster relations between the two countries and ‘pursue mutual interests’
  • Discussions will revolve around border security, strengthening political ties and expanding economic relations

KABUL: Iran’s Foreign Minister Abbas Araghchi arrived in Kabul Sunday on the highest-level visit by an Iranian official to the Afghan capital since the Taliban’s takeover in 2021.
The one-day visit is part of an effort to bolster relations between the two countries and “pursue mutual interests,” according to foreign ministry spokesman Esmaeil Baqaei.
Upon his arrival, Araghchi met with his Afghani counterpart Amir Khan Muttaqi, and he is scheduled to sit down later with the deputy prime minister for economic affairs, Abdul Ghani Baradar, state TV reported.
Discussions will revolve around border security, strengthening political ties and expanding economic relations, it added.
Tensions between Iran and Afghanistan have intensified in recent years over water rights and the construction of dams on the Helmand and Harirud rivers.
Iran shares more than 900 kilometers (560 miles) of border with Afghanistan, and the Islamic republic hosts one of the largest refugee populations in the world, mostly Afghans who fled their country over two decades of war.
The flow of Afghan immigrants has increased since the Taliban took over in August 2021 after US forces withdrew.
In September, local media in Iran announced the building of a wall along more than 10 kilometers of the eastern border with Afghanistan, the main entry point for immigrants.
Officials said at the time that additional methods to fortify the border including barbed wire and water-filled ditches to counter the “smuggling of fuel and goods, especially drugs,” and to prevent “illegal immigration.”
In December, Iran’s ambassador to the United Nations, Amir Saeid Iravani, said “over six million Afghans have sought refuge in Iran.”
Iran has had an active diplomatic presence in Afghanistan for many years, but it has yet to officially recognize the Taliban government since the takeover.
Several Iranian delegations have visited Afghanistan over the years, including a parliamentary delegation in August 2023 to discuss water rights.


US has not stopped military aid to Ukraine, Zelensky says

US has not stopped military aid to Ukraine, Zelensky says
Updated 26 January 2025
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US has not stopped military aid to Ukraine, Zelensky says

US has not stopped military aid to Ukraine, Zelensky says
  • Trump had previously said Ukraine's President Zelensky should have made a deal with Putin to avoid the conflict
  • But he recently threatened to impose stiff tariffs and sanctions on Russia if an agreement isn’t reached to end the fighting in Ukraine

KYIV: Ukrainian President Volodymyr Zelensky said Saturday the US has not stopped military aid to Ukraine after newly sworn in US Secretary of State Marco Rubio announced he would pause foreign aid grants for 90 days.
Zelensky did not clarify whether humanitarian aid had been paused. Ukraine relies on the US for 40 percent of its military needs. “I am focused on military aid; it has not been stopped, thank God,” he said at a press conference with Moldovan President Maia Sandu.
The two leaders met in Kyiv on Saturday to discuss the energy needs of Moldova’s Russian-occupied Transnistria region, which saw its natural gas supplies halted on Jan. 1 due to Ukraine’s decision to stop Russian gas transit. Ukraine has said it can offer coal to the Transnistrian authorities to make up for the shortfall.
The future of US aid to Ukraine remains uncertain as President Donald Trump begins his second term in office. The American leader has repeatedly said he wouldn’t have allowed Russia’s invasion of Ukraine to start if he had been in office, although he was president as fighting grew in the east of the country between Kyiv’s forces and separatists aligned with Moscow, ahead of Putin sending in tens of thousands of troops in 2022.
On Thursday, Trump told Fox News that Zelensky should have made a deal with Putin to avoid the conflict. A day earlier, Trump also threatened to impose stiff tariffs and sanctions on Russia if an agreement isn’t reached to end the fighting in Ukraine.
Speaking in Kyiv on Saturday, Zelensky said he had enjoyed “good meetings and conversations with President Trump” and that he believed the US leader would succeed in his desire to end the war.
“This can only be done with Ukraine, and otherwise it simply will not work because Russia does not want to end the war, and Ukraine does,” Zelensky said.
Grinding eastern offensive
With Trump stressing the need to quickly broker a peace deal, both Moscow and Kyiv are seeking battlefield successes to strengthen their negotiating positions ahead of any prospective talks.

For the past year, Russian forces have been waging an intense campaign to punch holes in Ukraine’s defenses in the Donetsk region and weaken Kyiv’s grip on the eastern parts of the country. The sustained and costly offensive has compelled Kyiv to give up a series of towns, villages and hamlets.
Russia’s Defense Ministry claimed Friday that Russian troops had fought their way into the center of the strategically important eastern of Velyka Novosilka, although it was not possible to independently confirm the claim.
Elsewhere, three civilians were killed Saturday in shelling in the Russian-occupied area of Ukraine’s Kherson region, Moscow-installed Gov. Vladimir Saldo said.
He urged the residents of Oleshky, which sits close to the frontline in southern Ukraine, to stay in their homes or in bomb shelters.
Russia also attacked Ukraine with two missiles and 61 Shahed drones overnight Saturday. Ukrainian air defenses shot down both missiles and 46 drones, a statement from the air force said. Another 15 drones failed to reach targets due to Ukrainian countermeasures.
The downed drones caused damage in the Kyiv, Cherkasy and Khmelnytskyi regions, with Ukrainian emergency services saying that five people had to be from a 9-story apartment block in the Ukrainian capital.
Russia also struck Ukraine’s eastern Kharkiv region with drones causing casualties and damage, local authorities said Saturday.
Drones targeted the city’s Shevchenkivskyi, Kyivskyi and Kholodnohirskyi districts, said Mayor Ihor Terekhov.
Russia used a Molniya drone – an inexpensive weapon that has been developed and recently deployed by Russia – in the Shevchenkivskyi district, sparking a fire. The attacks disrupted the city’s water and electricity supplies, the mayor said.
Terekhov said the number of victims was still being determined, while Kharkiv’s governor, Oleh Syniehubov, said three people, two women and a man, were injured in the strikes.