The Islamic Trade Finance Corporation (ITFC) signed an agreement on Monday to provide $1.4 billion to the Bangladesh Petroleum Corporation, Saudi Arabia's state news agency SPA reported.

The ITFC, part of Saudi Arabia's Islamic Development Bank, said the financing was aimed at developing Bangladesh's energy infrastructure.

"This agreement is a testament to the successful long-term partnership between the two parties and the financing plan will ensure energy security for one of the fastest-growing economies in South Asia," SPA said.

SPA did not say what form the financing would take.