Industry is also assuming a greater role in developing countries, both as an engine of economic growth and a provider of employment, especially for young people new to the labor market. The industrial sector supports the construction of infrastructure through the production of materials such as steel and cement, and may also generate foreign exchange earnings if locally manufactured products are exported.
OFID supports industrial development in a number of ways and through a variety of mechanisms, including public sector loans, private sector investment and trade financing. As of end-December 2012, cumulative support to the sector stood at US$518m.
For the industrial sector, one loan valued at US$25m was approved in 2012 to help set up a steel billet manufacturing plant in Bangladesh.