IDCOL has been awarded the 21^st ICAB National Award for Best Presented Annual Reports - 2020 under Public Sector category

Infrastructure Development Company Limited (IDCOL) has been awarded the Second Position in 21^st ICAB National Award for Best Presented Annual Reports - 2020 under Public Sector category. The competition was based on independent evaluation of the Review Committee for Published Accounts & Reports (RCPAR) of Council-ICAB and due recommendation of the Jury Board.

Mr. Tipu Munshi, MP, Hon’ble Minister, Ministry of Commerce, Government of the People’s Republic of Bangladesh who was present as the Chief Guest of the award giving ceremony, handed over the award to Mr. Mohammed Jabed Emran, Chief Risk Officer, IDCOL.

IDCOL has been awarded the 1^st position of the Highest Income Tax Payer Award by NBR under NBFI category

Infrastructure Development Company Ltd. (IDCOL) has been awarded the 1^st position of the Highest Income Tax Payer Award by the National Board of Revenue (NBR) under Non-Bank Financial Institution category for Assessment Year 2020-2021. NBR also presented Tax Card 2021 in favour of Ms. Fatima Yasmin, Chairman, IDCOL & Mr. Abdul Baki, Director & CEO (in-charge), IDCOL.

Mr. A H M Mustafa Kamal, FCA, MP, Hon’ble Minister, Ministry of Finance, Government of the People’s Republic of Bangladesh, was present as the chief guest of the award-giving ceremony organized by NBR. Mr. Abu Hena Md. Rahmatul Muneem, Senior Secretary, Internal Resource Division & Chairman, NBR, Ministry of Finance, handed over the award and the tax cards to Mr. S. M. Monirul Islam, Deputy CEO & CFO, IDCOL.

IDCOL in partnership with Ricardo-AEA Limited, a UK-based energy consulting firm, has received funding from the UK Government’s Department for Business, Energy and Industrial Strategy under its UK PACT (Partnering for Accelerated Climate Transitions) Green Recovery Challenge Fund (GRCF) for implementing a project titled “সবুজ বাংলাদেশের পথে”for enabling businesses in Bangladesh to access finance to invest in new electric vehicles.

A webinar was organized on 16 September 2021 marking the launch of Financial Institutions Working Group (FIWG) and UK-Bangladesh Business Engagement Forum (BEF) under the project. The FIWG will facilitate designing of financing models and advising on the full spectrum of financial services that could be leveraged into the project. The BEF will serve as a platform for the engagement between businesses and financial institutions.

The webinar was chaired by Dr. Atiur Rahman, Ex-Governor of Bangladesh Bank. Mr. Khondkar Morshed Millat, General Manager, Sustainable Finance Department of Bangladesh Bank attended the event as Special Guest. Ms. Doyin Adele-Shiyanbola, Second Secretary, Political from the British High Commission in Dhaka presented the welcome address. Mr. Nazmul Haque, Chief Investment Officer of IDCOL represented IDCOL in the FIWG.

Earlier, IDCOL conducted a demand and need assessment survey among the Micro, Small and Medium sized Enterprises (MSMEs) in Bangladesh that revealed that there is an increased interest among the businesses to better understand the opportunity for integrating sustainable transport solutions into their business operations. 30% of the respondents own at least one EV and 56% of the companies expressed their intent to develop an inhouse fleet of EV in near future.

The full survey report can be found in this link: https://britbanglabusinesssupport.co.uk/wp-content/uploads/2021/09/MSME-Demands-and-Needs-Bangaldesh-Septemb-2021.pdf     

Notably, UK PACT is a capacity building program under the UK’s International Climate Finance portfolio. The GRCF program was set up in January 2020 under which projects in countries across Latin America, Sub-Saharan Africa, and Asia are supported to accelerate their low-carbon transition. The project in Bangladesh is being implemented by Ricardo with support from IDCOL, LightCastle Partners, Policy Exchange Bangladesh and HIVOS.

Infrastructure Development Company Ltd. (IDCOL) has been awarded Certificate of Appreciation by Large Tax Payers Unit (LTU), Dhaka of National Board of Revenue (NBR) for being one of the Highest Taxpayers in the category of Non-Bank Financial Institution for the Assessment Year 2020-2021.

Mr. Fazle Kabir, Governor, Bangladesh Bank was the chief guest and Mr. Abu Hena Md. Rahmatul Muneem, Senior Secretary, Internal Resource Division & Chairman, NBR was the special guest of the award giving ceremony organized by LTU, Dhaka. Honorable chief guest handed over the award to Mr. Abdul Baki, Executive Director & CEO (In-charge), IDCOL and Additional Secretary, Economic Relations Division (ERD) and Mr. S. M. Monirul Islam, Deputy CEO & CFO, IDCOL. 

IDCOL organized a virtual discussion & prayer session today on the eve of National Mourning Day of Bangladesh commemorating the murder of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

Mr. Abdul Baki, CEO (In-charge) of IDCOL & Additional Secretary (WB Wing), ERD, Mr. S. M. Monirul Islam, Deputy CEO & CFO, IDCOL, Mr. Nazmul Haque, Chief Investment Officer, IDCOL, Mr. Md. Enamul Karim Pavel, Head of Renewable Energy, IDCOL, Mr. Mohammed Jabed Emran, Chief Risk Officer, Risk & Special Asset Management, IDCOL and other officials provided their valuable speech on this occasion. All Unit Heads of IDCOL were present in program and rest of the officials were connected through Zoom.

The twenty-fourth Annual General Meeting (AGM) of Infrastructure Development Company Limited (IDCOL) was held on 30 June 2021 via virtual platform.  Ms. Fatima Yasmin, Chairman, IDCOL and Secretary, Economic Relations Division presided over the meeting. During the FY 2020 Company’s profit before tax and provision was Tk. 318.17 crore. The AGM declared the dividends for a total amount of Tk. 46 crore from the profit made by the Company during FY 2020. The dividends are as follows:

1) An amount of Tk. 23 crore to be paid to the Government as cash dividend; and

2) An amount of Tk. 23 crore be used for increasing the Company’s paid-up capital to Tk. 738 crore from the existing Tk. 715 crore by way of issuing bonus shares;

Ms. Fatima Yasmin, Chairman, IDCOL and Secretary, Economic Relations Division, Dr. Ahmad Kaikaus, Shareholder, IDCOL and Principal Secretary to the HPM, Prime Minister’s Office, Mr. Abu Hena Md. Rahmatul Muneem, Shareholder, IDCOL and Chairman, National Board of Revenue (NBR), Mr. Abdur Rouf Talukder, Director and Shareholder, IDCOL and Senior Secretary, Finance Division, Mr. M. Tofazzel Hossain Miah, Director and Shareholder, IDCOL and Secretary, Prime Minister’s Office, Mr. Md. Habibur Rahman, Director and Shareholder, IDCOL and Secretary, Power Division, Mr. Tapan Kanti Ghosh, Shareholder, IDCOL and Secretary, Ministry of Commerce, Mr. Abdul Baki, Shareholder, IDCOL and Additional Secretary, Economic Relations Division, Ms. Nihad Kabir, Director and Shareholder, IDCOL, Mr. Abdul Haque, Director and Shareholder, IDCOL, Mr. A. K. M. Nurul Fazal Bulbul, Director & Shareholder, IDCOL and Mr. Mahmood Malik, Executive Director and CEO, IDCOL attended the 24^th AGM of IDCOL.

দেশে বৈদ্যুতিক গাড়ি চালু প্রকল্পে কাজ করবে যুক্তরাজ্যভিত্তিক জ্বালানি ও পরিবেশবিষয়ক পরামর্শক প্রতিষ্ঠান রিকার্ডো-এইএ। আর প্রতিষ্ঠানটিকে এ কাজে সহায়তা করবে অর্থ মন্ত্রণালয়ের আওতাধীন ব্যাংকবহির্ভূত আর্থিক প্রতিষ্ঠান ইনফ্রাস্ট্রাকচার ডেভেলপমেন্ট কোম্পানি লিমিটেড (ইডকল)। প্রতিষ্ঠানটি বলছে, এর মাধ্যমে তারা বাংলাদেশে বৈদ্যুতিক গাড়ি চালু প্রকল্পের অর্থায়নে সহযোগিতা করতে সক্ষম হবে। আর এ প্রকল্পের জন্য যুক্তরাজ্যের গভর্নমেন্ট ডিপার্টমেন্ট ফর বিজনেস, এনার্জি অ্যান্ড ইন্ডাস্ট্রিয়াল স্ট্র্যাটেজির (বিইআইএস) কাছ থেকে অর্থায়ন পেয়েছে রিকার্ডো।এ প্রকল্পের মাধ্যমে ইডকল, রিকার্ডো এবং লাইট কেসেল পার্টনারস এবং পলিসি এক্সচেঞ্জের মতো বাংলাদেশী প্রতিষ্ঠানের বিশেষজ্ঞরা কাজ করবেন। তারা দেশে বৈদ্যুতিক গাড়ি ব্যবসার ক্ষেত্রে অংশগ্রহণমূলক মডেল তৈরি, অর্থায়নের পরিবেশ তৈরিতে ভূমিকা রাখবেন। ইডকল এক্ষেত্রে রিকার্ডোকে এমএসএমই পর্যায়ে চাহিদা ও প্রয়োজনীয়তা মূল্যয়ন জরিপ পরিচালনায় সহযোগিতা করবে। 

IDCOL is going to support Ricardo-AEA Limited, an UK-based international energy and environmental consulting firm in a project that will enable businesses in Bangladesh to access finance to invest in new electric vehicles. Ricardo has received funding for the project from the UK Government Department for Business, Energy and Industrial Strategy (BEIS) under its UK PACT (Partnering for Accelerated Climate Transitions) Green Recovery Challenge Fund (GRCF).

UK PACT is a capacity building program under the UK’s International Climate Finance portfolio. The GRCF program was set up in January 2020 under which projects in countries across Latin America, Sub-Saharan Africa, and Asia will be supported to accelerate their low-carbon transition.

In this project experts from Ricardo, IDCOL and other Bangladeshi organizations such as LightCastle Partners and Policy Exchange will scope scalable inclusive business models and an enabling financing ecosystem for individual transport providers / SMEs / cooperatives with an aim for electric vehicle uptake in Bangladesh.

IDCOL will support Ricardo in conducting the demands and need assessment surveys among the Micro, Small and Medium Enterprises (MSMEs) and evaluate the current finance options before developing a financing product for banks and financial institutions in Bangladesh. The project will also support organizations in developing business cases and make funding applications to banks.

Executive Director & CEO of IDCOL, Mr. Mahmood Malik, participated in the signing ceremony held in Bangladesh Bank on 25 Feb 2021 for utilizing ‘Technology Development/ Up-gradation Fund’ of BDT 1,000 crore for Export Oriented Industrial sectors. Under this fund, refinance facility will be extended against disbursement of term loan/investment (in BDT) favoring its client to procure machineries/technologies for the modernization and technological development/up-gradation of export oriented industrial sectors as per SFD Circular No: 02 dated January 17, 2021. Consultancy costs, repair/maintenance expenses and any expenses related to working capital shall not be included under this refinance fund.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) has awarded 46 listed companies, along with two non-listed government banks, one non listed specialized financial institution and four nongovernmental organizations (NGO), for their performance and role in 2019.

Commerce Minister Tipu Munshi, as the chief guest of the event, handed over the awards to the winners at a city hotel on Thursday evening.

ICMAB President Md Jasim Uddin Akond presided over the program. Bangladesh Securities and Exchange Commission (BSEC) chairman Professor Shibli Rubayat-Ul-Islam, Commerce Secretary Dr Md Jafar Uddin and South Asian Federation of Accountants (SAFA) President A K M Delwer Hussain also spoke on the occasion as special guests. ICMAB corporate Award committee chairman Md Abdul Aziz FCMA, Vice Chairman Md Mamunur Rashid FCMA and ICMAB secretary Md Munirul Islam FCMA also spoke the program.

The annual 'Best Corporate Award', which the ICMAB started in 2007, is given based on the review of the contestant entities' corporate governance and other qualitative and quantitative information published in respective annual reports.

The 15 award categories were Nationalized Commercial Bank, Private Commercial Bank, Private Commercial Bank (Islamic Operation), non-bank financial institution, general insurance, Life Insurance, Pharmaceuticals, Cement, Textile, multinational company, Others Manufacturing, Power Generation, NGO, Agro and Food Processing and Trading & Assembly.

In the state owned commercial bank category Rupali Bank won the gold award, while Sonali Bank and Agrani Bank jointly won silver award.

In the Private Commercial Bank Category 1st (gold) BRAC Bank Limited, 2nd (silver) Eastern Bank Limited and 3rd (bronze) Dutch-Bangla Bank Limited.

In the Private Commercial Bank (Islamic Operation) Category 1st (gold) Islami Bank Bangladesh Limited, 2nd (silver) Shahjalal Islami Bank Limited and jointly 3rd (bronze) Social Islami Bank Limited and First Security Islami Bank Ltd.

In non-bank financial institution Category 1st (gold) IDLC Finance Limited, 2nd (silver) IPDC Finance Limited and 3rd (bronze) Infrastructure Development Company Limited.

In general insurance Category 1st (gold) Green Delta Insurance Company Limited, jointly 2nd (silver) Nitol Insurance Co. Ltd. & Reliance Insurance Limited and 3rd (bronze) Provati Insurance Company Limited.

In Life Insurance Category jointly 1st (gold) Pragati Life Insurance Co. Ltd. & Popular Life Insurance Co. Ltd, 2nd (silver) Meghna Life Insurance Co. Ltd and 3rd (bronze) Sandhani Life Insurance Company Ltd.

In Pharmaceuticals Manufacturing Category 1st (gold) Square Pharmaceuticals Ltd., 2nd (silver) Renata Limited and jointly 3rd (bronze) Beximco Pharmaceuticals Limited & Orion Pharma Ltd.

In Cement Manufacturing Category 1st (gold) Premier Cement Mills Limited, 2nd (silver) M.I. Cement Factory Limited and 3rd (bronze) LafargeHolcim Bangladesh Limited.

In Textile Manufacturing Category 1st (gold) Paramount Textile Limited, 2nd (silver) Square Textile Ltd and 3rd (bronze) Envoy Textiles Limited.

In MNC Manufacturing Category 1st (gold) British American Tobacco Bangladesh Company Ltd, jointly 2nd (silver) Linde Bangladesh Limited & Marico Bangladesh Limited and 3rd (bronze) Berger Paints Bangladesh Ltd.

In Others Manufacturing Category 1st (gold) Bangladesh Steel Re-Rolling Mills Ltd., 2nd (silver) RAK Ceramics (Bangladesh) Limited and 3rd (bronze) BBS Cables Ltd.

In Power Generation Category 1st (gold) Summit Power Limited, 2nd (silver) Dhaka Electric Supply Company Ltd. and jointly 3rd (bronze) Doreen Power Generations and Systems Ltd. & Baraka Power Limited.

In NGO Category 1st (gold) BRAC, 2nd (silver) Social Development Foundation (SDF) and jointly 3rd (bronze) Ghashful & Dhaka Ahsania Mission.

In Agro and Food Processing Category 1st (gold) Golden Harvest Agro Industries Ltd., 2nd (silver) Olympic Industries Ltd and 3rd (bronze) National Tea Company Ltd.

In Trading & Assembly Category jointly 1st (gold) Padma Oil Company Limited & Meghna Petroleum Limited, 2nd (silver) Information Technology Consultants Limited and 3rd (bronze) Navana CNG Limited.

Over hundred contestant entities under 15 categories, the 'ICMAB Best Corporate Award 2019' jury board-consisting former Bangladesh Bank Governor Dr Atiur Rahman, BUET Vice Chancellor Dr Satya Prasad Majumder, veteran Banker Anis A Khan-selected the winners.

Infrastructure Development Company Ltd. (IDCOL) has been awarded ICMAB Best Corporate Award-2019 under “Non-Bank Financial Institution (NBFI)” category. Mr. Tipu Munshi, MP, Honorable Minister, Ministery of Commerce, Government of People’s Republic of Bangladesh handed over the award to Mr. Jabed Emran, Chief Risk Officer, IDCOL in an award giving ceremony held at capital’s Hotel Radisson Blu Dhaka Water Garden on 25 February 2021.

The award was given based on the publicly disclosed information in the Annual Report for the FY 2019 as well as other performance indicators including capital adequacy, asset quality, earning quality, profitability, management efficiency, liquidity and funding, performance with respect to shareholders, external credit rating, business growth, financial inclusion, sustainable finance, corporate social responsibility, corporate governance, contribution to the national exchequer, regulatory compliance etc. This year, ICMAB Best Corporate Award has been given to the best corporate houses including banks, financial institutions, insurance, pharmaceuticals, cement, textile, manufacturing, power generation, NGO, agro and food processing and trading & assembly companies as a recognition to their performances in the respective fields.

Mr. A. K. M. Delwer Hussain, FCMA, President, South Asian Federation of Accountants (SAFA), Mr. Sheikh Fazle Fahim, President, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dr. Md. Jafar Uddin, Secretary, Ministry of Commerce, Government of People’s Republic of Bangladesh, and Prof. Shibli Rubayat Ul Islam, Chairman, Bangladesh Securities and Exchange Commission were present at the award giving ceremony as special guests.

Infrastructure Development Company Ltd. (IDCOL) has been awarded the Highest Income Taxpayer Award for the Assessment Year 2019-2020 under the category of Non-Bank Financial Institutions by the National Board of Revenue (NBR), says a press release.

The NBR also presented Tax Cards in favour of Fatima Yasmin, Chairman, IDCOL, and Mahmood Malik, Executive Director & CEO, IDCOL.

Golam Dastagir Gazi (Birpratik), Minister for Textiles and Jute, handed over the award and Tax Cards to S. M. Monirul Islam, Deputy CEO & CFO, IDCOL, at the award-giving ceremony organised by the Large Taxpayers Unit (LTU) of NBR.

Youtube Link: IDCOL Webinar: Industrial Energy Efficiency Dialogue