Dhaka – As the Middle East conflict continues to linger, Bangladesh has sought a $2 billion fund from development partners to meet its immediate energy needs and safeguard economic stability.
Prime Minister Tarique Rahman made the request on Wednesday while addressing the Asia Zero-Emission Community (AZEC) Plus online summit on energy resilience, according to the state-run Bangladesh Sangbad Sangstha news agency.
Japan organized the summit in response to fuel supply shortages and supply chain disruptions in Asia amid the Middle East crisis. The energy supply shortage, triggered by the US and Israeli war on Iran, which has blocked the major oil supply route of the Strait of Hormuz, has threatened national growth across the globe.
According to the summit document, Japan will provide financial cooperation to Asian nations. The support includes emergency response cooperation, such as loans to procure crude oil and petroleum products and to maintain supply chains.
It also includes cooperation on increasing crude oil stockpile capacity in Asia and supporting the construction and use of storage tanks.
The value of the financial support Japan would provide is about $10 billion, according to the summit document.
The Bangladeshi prime minister said the situation demands urgency, solidarity, and decisive action. “Immediate support for the most vulnerable countries must be at the top of our collective agenda,” he added.
“We urge the international community to respond swiftly and positively to this call,” he said, highlighting the ongoing global energy crisis.
No nation, regardless of its size or strength, can overcome this challenge in isolation, he said, adding that it demands a coordinated and forward-looking Asian response to strengthen regional energy security, address immediate supply disruptions, and support the most vulnerable nations.
Tarique Rahman said the energy crisis has already disrupted Bangladesh’s economy and listed his government’s efforts to contain the impact.
The measures, he said, include demand-side management through the rationing of government office and market hours; stabilization of fuel supplies through emergency imports and diversification of sourcing; and consumption controls, including fuel rationing and limits on retail sales to prevent hoarding and panic buying through initiatives such as a “Fuel App.”
Bangladesh is concerned that the scale and consequences of this crisis could exceed those of the 1970s oil shock, which triggered a decade of stalled development in the 1980s.
Since gaining independence in 1971, he said, Bangladesh has worked relentlessly to drive economic growth, lift millions out of poverty, and improve the quality of life for its people.
“Today, these hard-won gains are in danger, facing the real threat of reversal,” he said, adding that Bangladesh alone is not facing this risk, “nor can we overcome it through national effort alone.”
Tarique Rahman appreciated Japanese Prime Minister Sanae Takaichi for convening the summit.
Malaysian Prime Minister Anwar Ibrahim and the heads of government and state of Japan, the Philippines, Singapore, Thailand, Vietnam, and Timor-Leste, as well as representatives of other countries, took part in the online summit.
The Japanese Prime Minister delivered concluding remarks at the meeting.
