The International Finance Corporation (IFC) is backing Bangladesh’s push to modernize its maritime logistics sector with up to $82 million in proposed financing for Akij Shipping, as the South Asian economy seeks more efficient freight capacity and cleaner shipping operations.
The 10-year senior secured facility will support the acquisition of three to four second-hand Ultramax bulk carriers and the retrofitting of existing vessels under Akij Shipping’s fleet renewal, expansion and decarbonization programme, according to documents seen by DevFiNews.
The financing will be extended to Akij Carriers Ltd, Akij Sea Line Ltd and Akij Drybulk Ltd, all affiliated with Akij Shipping Line Ltd, according to an IFC disclosure.
The package will comprise an IFC A-loan of up to $52 million and as much as $30 million in B1 loans from parallel lenders.
The total project cost is estimated at $126.1 million and will be financed through 65% debt and 35% equity. IFC intends to commit an initial $40 million in fiscal 2026, with subsequent commitments in fiscal 2027 subject to vessel identification and negotiations.
The transaction reflects growing interest among development finance institutions in supporting maritime decarbonization and trade infrastructure in emerging markets, where shipping operators face pressure to modernize fleets while maintaining reliable cargo capacity.
Akij Shipping currently operates 10 dry bulk vessels across entities in Bangladesh, Singapore and the UAE. Its ships are managed and chartered by Akij Shipping Lines Pte Ltd in Singapore.
IFC is also providing advisory support alongside the proposed investment, including market and technical assessment, environmental and social gap analysis, and a fleet decarbonization roadmap.
A separate corporate governance advisory workstream aims to strengthen board effectiveness, internal controls and transparency, including improved board composition with independent directors.
Akij Shipping is part of Akij Resource, a diversified Bangladeshi conglomerate controlled by Sheikh Jasim Uddin and his family. The group employs more than 8,000 people across shipping, logistics, building materials, commodity trading, agriculture, IT and other sectors, and generated about $578 million in revenue in fiscal 2025.
IFC said the project is expected to improve access to reliable and efficient freight shipping services in Bangladesh, support job creation and deliver environmental co-benefits.