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August 1, 2017
Contract signing between IDCOL and ERNST & YOUNG LLP, INDIA under energy efficiency & conservation promotion financing project

Infrastructure Development Company Limited (IDCOL) has signed a contract with Ernst & Young LLP, India under ‘Energy Efficiency & Conservation Promotion Financing Project’. As per the contract, Ernst & Young will support IDCOL in identifying, appraising and financing eligible energy efficient projects in Bangladesh and also carry out capacity building activities for IDCOL emploees. The Project, funded by JICA, is expected to promote energy efficient industrial equipment in Bangladesh and reduce electricity load in national grid.

Mr. Mahmood Malik, Executive Director & CEO, IDCOL and Mr. Sanjoy K Gupta, Partner, Advisory - Government & Public Sector, Ernst & Young LLP, India signed the contract on behalf of their respective organizations on 01 August, 2017 at IDCOL Head Office, Dhaka. Other senior officials of IDCOL were also present.  

July 26, 2017
Midland Bank and IDCOL jointly sign mandate for raising fund against syndicated term loan facility for Kushiyara Auto Bricks Limited

Midland Bank Limited (MDB) and Infrastructure Development Company Limited (IDCOL) jointly signed mandate for raising fund against syndicated term loan facility for an auto brick project namely Kushiyara Auto Bricks Limited (KABL).

Mr. Md. Ahsan-uz Zaman, Managing Director & CEO of MDB, Mr. Mahmood Malik, Executive Director & CEO of IDCOL and Mr. Md. Motiur Rahman, Managing Director of KABL signed the agreement on behalf of their respective organizations at a simple ceremony held at Bank’s Head Office, Dhaka on 25th July 2017.

Mr. Masihul Huq Chowdhury, AMD, Mr. Khondoker Nayeemul Kabir, DMD, Mr. Md. Zahid Hossan, Head of Corporate Banking, Mr. Md. Shamsul Azam Khan, Head of Credit Risk Management of Midland Bank, Mr. Nazmul Haque, Director (Investment) of IDCOL were also present on the occasion along with other high officials of the organizations.

July 26, 2017
IDCOL and Ricardo Jointly Organized Conference on “Unblocking Solar IPP Investments in Bangladesh”

Infrastructure Development Company Limited (IDCOL) and Ricardo Energy & Environment (Ricardo) jointly organized a conference on “Unblocking Solar IPP Investments” on 26 July 2017 (Wednesday) at Pan Pacific Sonargaon Dhaka (107 Kazi Nazrul Islam Avenue, Dhaka 1215, Bangladesh).

 

The program was organized to bring in different stakeholders to identify possible challenges in developing and financing Solar IPP projects in Bangladesh as well as suggest suitable mitigation measures to overcome such challenges, based on global best practices. More than 70 participants from different bank, sponsors and government organizations participated in the captioned conference.

 

The IDCOL and Ricardo led conference discussed what constitutes a successful IPP structure and explored how to develop effective Power Purchase Agreements for solar parks. Speakers and panel experts also  offered  practical  guidance  on  selecting  the  most appropriate  site,  technology and  capital  structure  for  a  project.  Throughout the conference, attendees had the chance to network and discuss their specific solar power plans.

 

Speakers & panelists of the conference included, Mr. Ashish Kulkarni (Principal Consultant, Ricardo Energy & Environment), Mr. Siddique Zobair (Member, Energy Efficiency, Sustainable and Renewable Energy Development Authority), Mr. Arvind Mayaram (Former Finance Secretary, Government of India), Mr. Mohammad Hossain (Director General, Power Cell, Ministry of Power, Energy & Mineral Resources, Bangladesh), Mr. Mohammad Alauddin (Joint Secretary, Power Division, Ministry of Power, Energy & Mineral Resources, Bangladesh), Mr. Shahriar Ahmed Chowdhury (Director, Centre for Energy Research, United International University), Mr. Munawar Misbah Moin (Managing Director, Rahimafrooz Renewable Energy Limited), Mr. S.M. Habibur Rahman (CFO, Maisha Group of Companies), Mr. Mohammad Arbaaz Nayeem (Business Area Manager for Overseas Projects, Ricardo Energy & Environment), Mr. Nazmul Haque (Director (Investment) & Head of Advisory, IDCOL, Mr. Bidyut Kumar Saha (Senior Financial Sector Specialist, Asian Development Bank), Mr. Ershad Hossain (Managing Director & CEO, City Bank Capital Resources Limited) , Mr. Mesbah Uddin Ahmed (General Manager & Head of Corporate, IDLC Finance Limited), Mr. Mate Antosik (Principal Consultant, Ricardo Energy & Environment) and Mr. Md. Maroof ur Rahman Mazumder (Executive Director and Head of Capital Markets, Standard Chartered Bank).

 

“We are privileged to be joined by representatives from Bangladesh’s government and financial sector to discuss how to unlock investment for solar power,” said Mr Ashish Kulkarni, Ricardo Energy & Environment Principal Consultant. “I hope that the conference will provide valuable insight on how to structure a profitable solar power project which contributes positively to the government’s ambitious renewable energy plans,” said the Executive Director and CEO of IDCOL, Mr. Mahmood Malik in his closing remarks of the ceremony.

 

IDCOL is the largest government owned, local development financial institution in Bangladesh with primary focus on financing private sector energy and infrastructure projects. Since its inception in 1997, IDCOL has been playing a major role in financing medium and large-scale infrastructure, renewable energy and energy efficient projects in Bangladesh. In addition to its financing activities, IDCOL arranges various seminars, conference, workshops, and training programs and provides advisory services for capacity development of its stakeholders.

 

Ricardo’s energy teams provide power sector planning support to governments, public sector organizations and utility companies throughout the world. They offer independent and unbiased market, technical and environmental advice to support clients implement bankable and sustainable power systems. 

July 25, 2017
IDCOL secures $526m credit from ADB

Infrastructure Development Company Ltd (IDCOL) is set to receive $526 million (Tk 4,252 crore) in loans from the Asian Development Bank - ADB to finance private sector infrastructure projects in the country.

IDCOL has targeted to invest an additional $1 billion by 2020 in the infrastructure sector to boost private sector participation and complement the government's vision to help Bangladesh become a middle income country by 2021.

June 4, 2017
No objection Certificate (NOC) issuing ceremony to Meghna Cement Mills Limited under Energy Efficiency & Conservation Promotion Financing Project (EE and CPF)

Mentionable that to promote energy efficiency and conservation (EE&C) in Bangladesh, Japan Government decided to extend Government of Bangladesh (GoB) a loan amounting JPY 11,988 million (about USD 100 million) at 0.01% p.a. interest rate for a period of 40 years. JICA is working as the donor agency under the Project and the fund is channeling through IDCOL and BIFFL as Implementing Financial Institutions (IFIs). Both the IFIs and SREDA is performing as executing agencies for promoting EE&C. The on lending loan amount is USD 42 million allocated for IDCOL.

 

The loan will be extended to end users in two forms. Under Loan Type-A there will be two components (Component-I comprises of industry/ commercial sector and Component-II comprises of building sector) which will be offered a concessionary rate at 4-6% p.a. The main target area is financing of energy efficient equipment and processes in sectors like Textile and Ready Made Garments, Chemical Fertilizer, Paper & Pulp, Glass, Cement & Clinker Grinding, Iron & Steel, Food & Beverage, Telecommunication etc. Under Loan Type-B (Component-III-Home appliances) loan will be given to end users through Participating Distributors (PD) for purchase of energy efficient home appliances.  

 

In this consequence we have approved two projects under EE&CPF, one is for Meghna Cement Mills Limited for an amount of BDT 1,270 million and the other one is Pretty Eco Apparel Village Limited for an amount of BDT 844 million. Today, on 24 May 2017 a No objection Certificate (NOC) issuing ceremony has arranged at SREDA. Mr. Nasrul Hamid MP, Hon’ble State Minister for Ministry of Power, Energy & Mineral Resources was present as Chief Guest, Mr. Nahim Razzaq MP, Convener, Bangladesh Climate Parliament & Dr. Ahmad Kaikaus, Secretary, Power Division, MPEMR have also presented as Special Guest. Mr. Md. Helal Uddin, Chairman, SREDA, ED & CEO of IDCOL, Director (Investment) & Head of Advisory, Representatives from Meghna Cement Mills Limited Pretty Eco Apparel Village Limited have also presented at the program.

April 10, 2017
IDCOL invested USD 45 million to “Summit Barisal Power Limited” and “Summit Narayangonj Power Unit II Limited”

Infrastructure Development Company Limited (IDCOL) has recently financed two power projects of Summit Group – Summit Barisal Power Limited (a 110 MW HFO based power plant at Rupatoli Barisal) and Summit Narayangonj Power Unit II Limited (a 55 MW HFO based power plant at Madanganj Narayanganj).

IDCOL was the lead lender with an investment of USD 30 million to the Barisal project along with USD 20 million investment from Islamic Corporation for the Development of the Private Sector (ICD). On the other hand, IDCOL was the lead lender with an investment of USD 15 million to the Narayangonj project along with USD 12.64 million investment from OPEC Fund for International Development (OFID). 

April 10, 2017
IDCOL financed the 1st PPP project in healthcare sector of Bangladesh
April 6, 2017
MoU signing between IDCOL & Dhaka Bank Ltd. for obtaining L/C facilities and funded facilities for the clients of IDCOL

An MOU signing ceremony was held recently between Infrastructure Development Company Limited (IDCOL) and Dhaka Bank Ltd (DBL) at the Corporate Office of Dhaka Bank Ltd. Under this agreement Dhaka Bank will allow non funded credit facilities to the common clients against the letter of comfort issued by IDCOL. Syed Mahbubur Rahman, Managing Director & CEO of DBL and Mahmood Malik, Executive Director & CEO of IDCOL signed the agreement on behalf of respective organizations. Mr. Emranul Huq, AMD; Khan Shahadat Hossain, DMD; Md. Shakir Amin Chowdhury, DMD; Md. Abu Jafar, DMD; Mr. Mehedi Zaman Khan, VP & Manager DBL Kakrail Branch; Mohammad Ainul Haque, FVP, Corporate Banking Division, DBL; Mohammed Zahidul Haque, VP & Unit Head, SMI, IDCOL; Md. Mehedi Hasan, CFA, FRM, Assistant Manager, SMI, IDCOL with other officials of both the organizations were present on the occasion.

February 26, 2017
Training on Infrastructure Financing-The Role of PPP , Jointly Organized by IDCOL & PPP Authority

Infrastructure Development Company Limited (IDCOL) and Public Private Partnership (PPP) Authority, Bangladesh jointly organized a training program on “Infrastructure Financing: The Role of PPP” during 12-13 February 2017 at IDCOL Head Office (UTC Building, Level 16, 8 Panthapath, Kawran Bazar, Dhaka-1215).  The program was intended to build capacity of its potential stakeholders regarding the concept, development & financing of PPP based investments in Bangladesh. 32 professionals from various banks, financial institutions and corporate organizations actively participated in the training program. It is expected that the training will be a stepping stone to garner greater participation among local sponsors in undertaking PPP projects and initiate suitably customized financing solutions from the financial community. 

February 23, 2017
IDCOL to finance setting up solar panels on rooftops of various industries of Bangladesh

IDCOL to finance setting up solar panels on rooftops of various industries of Bangladesh. The average cost of power generation from solar energy is BDT 8-9 which is equivalent to the cost of electricity bought from the state-run utility service providers. 1 kilowatt of electricity can be produced from every 100 square feet of rooftop space. So, a factory that has 1 lakh square feet of space will be able to produce 1 megawatt of electricity. Solar energy will be cheaper if the possibility of future power tariff hike is taken into consideration. Industrial solar is getting much popularity among the local industrialist.

February 20, 2017
BEPRC signs deal with IDCOL, Rahimafrooz for study on solar power

Bangladesh Energy and Power Research Council (BEPRC) on Tuesday signed a tripartite agreement with state-owned IDCOL and private firm Rahimafrooz to conduct a research to find out an alternative solar energy for solar-run irrigation pump operation during the off-season.

 

Deputy Secretary Saif Ahmed of BEPRC, IDCOL head of renewable energy Enamul Karim Pavel and Rahimafrooz's investigator Syed Ishtiaque signed the agreement on behalf of their respective organisations.

 

Officials said this has been the first research work undertaken by the newly created BEPRC in the country.

 

Addressing the contract signing ceremony at Biduyt Bhaban, BEPRC chairman Md Anwarul Islam Sikder said the government has been planning to set up solar-run irrigation pumps. But the irrigation pumps normally run for 3-4 months a year.

The solar plants remain idle and its electricity will have no use during the non-irrigation period.   

 

 

"We want to find a sustainable business model for the solar plants to be used in pump operation so that solar plants' electricity could be utilised in a better and viable commercial way," he told the function.

 

As per the deal, IDCOL and BEPRC will finance a pilot project to be set up in Dinajpur. Rahimafrooz's investigator Syed Ishtiaque Ahmed and Buet's Professor Dr Ziaur Rahman will conduct the study.

 

The researchers will set up a pilot project and collect data for their works in first 6-8 months and then they will analyse those in the remaining time.

 

IDCOL's CEO Mahmood Malik, who was present on the occasion, said if the researchers could find out a successful model, it would promptly help implement the government's plant to replace thousands of diesel-run pumps into solar-run ones.

January 27, 2017
IDCOL has been announced as Joint Winner for Best Presented Annual Reports 2015 in the category of Public Sector Entities by the South Asian Federation of Accountants

IDCOL has been announced as Joint Winner for Best Presented Annual Reports 2015’ in the category of “Public Sector Entities” by the South Asian Federation of Accountants. The Trophy was handed over to Mr. S M Monirul Islam, Deputy CEO, IDCOL at a ceremony organized at Pan Pacific Sonargaon Hotel, Dhaka on 27th January 2017. Honorable Finance Minister Mr. Abul Maal Abdul Muhith MP was present in the occasion as Chief Guest and Mr. Fazle Kabir, Governor Bangladesh Bank was present in the occasion as Special Guest.

The award was given based on the publicly disclosed information in the Annual Report for the FY 2014-15 as well as other performance indicators including capital adequacy, profitability, liquidity, corporate governance, market share, contribution to the national exchequer, asset quality, CSR, risk management, regulatory compliance etc.

 

January 3, 2017
IDCOL signs MoU with the Ministry of Disaster Management and Relief (MoDMR) for implementation of renewable energy projects under TR/KABITA Fund