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July 22, 2022
IDCOL Wins IJGlobal Awards 2021

Infrastructure Development Company Limited (IDCOL) has been conferred the prestigious “IJGlobal Awards 2021” in the “Public Sector Institution” category. The award was announced by IJGlobal, a part of the Euromoney Institutional Investor business, which provides access to data, news, insights and analysis on project finance and infrastructure. Held annually, the IJGlobal Awards recognize outstanding transactions and institutions from around the world of energy and infrastructure.

 

IDCOL was selected based on its innovation, resilience to the pandemic and tangible achievements in its initiatives in 2021. The judging panel highlighted IDCOL’s prominent role in supporting the Bangladesh’s agenda of achieving a low-carbon and climate-resilient economy, and in expanding PPP coverage to infrastructure sector with its financing and advisory services. IDCOL was specifically highlighted for its contributions towards the “Mujib Climate Prosperity Plan: Decade 2030”, a strategy paper named after the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, which is expected to catalyze a paradigm shift in Bangladesh’s energy planning by boosting renewable energy share into the overall electricity generation mix. Another milestone achievement highlighted by the judging panel was IDCOL’s receipt of US$ 256 million from Green Climate Fund (GCF), the first private sector financing from the GCF in Bangladesh and to the date of approval, the largest funding proposal sanctioned for any Direct Access Entity of the GCF accredited globally.

 

The judging panel of the award for Asia-Pacific region included senior representatives from HSBC Asset Management, Deutsche Bank, Standard Chartered, Fitch Ratings, Allen & Overy etc. Other notable winners of this esteemed award are Citi, Asian Development Bank, Moody’s, EY, Deutsche Bank, SMBC, Linklaters and BDO.

 

His Excellency Md. Tauhedul Islam, ndc, High Commissioner of Bangladesh to Singapore has received the award on behalf of IDCOL in a ceremony held in Singapore on 20th July 2022.

July 21, 2022
IDCOL signs $256.5m deal with GCF
July 21, 2022
IDCOL Wins IJGlobal Awards 2021

Infrastructure Development Company Limited (IDCOL) has been conferred the prestigious “IJGlobal Awards 2021” in the “Public Sector Institution” category. The award was announced by IJGlobal, a part of the Euromoney Institutional Investor business, which provides access to data, news, insights and analysis on project finance and infrastructure. Held annually, the IJGlobal Awards recognize outstanding transactions and institutions from around the world of energy and infrastructure.

 

IDCOL was selected based on its innovation, resilience to the pandemic and tangible achievements in its initiatives in 2021. The judging panel highlighted IDCOL’s prominent role in supporting the Bangladesh’s agenda of achieving a low-carbon and climate-resilient economy, and in expanding PPP coverage to infrastructure sector with its financing and advisory services. IDCOL was specifically highlighted for its contributions towards the “Mujib Climate Prosperity Plan: Decade 2030”, a strategy paper named after the Father of the Nation Bangabandhu Sheikh Mujibur Rahman, which is expected to catalyze a paradigm shift in Bangladesh’s energy planning by boosting renewable energy share into the overall electricity generation mix. Another milestone achievement highlighted by the judging panel was IDCOL’s receipt of US$ 256 million from Green Climate Fund (GCF), the first private sector financing from the GCF in Bangladesh and to the date of approval, the largest funding proposal sanctioned for any Direct Access Entity of the GCF accredited globally.

 

The judging panel of the award for Asia-Pacific region included senior representatives from HSBC Asset Management, Deutsche Bank, Standard Chartered, Fitch Ratings, Allen & Overy etc. Other notable winners of this esteemed award are Citi, Asian Development Bank, Moody’s, EY, Deutsche Bank, SMBC, Linklaters and BDO.

 

His Excellency Md. Tauhedul Islam, ndc, High Commissioner of Bangladesh to Singapore has received the award on behalf of IDCOL in a ceremony held in Singapore on 20th July 2022.

July 13, 2022
IDCOL Organized a Stakeholder Consultation Workshop on Malawi Off-Grid Market Development Fund.

IDCOL organized a stakeholder consultation workshop at the Capital House, Lilongwe, Malawi on 11th July 2022 on the “Off-Grid Market Development Fund (OGMDF)” which aims to address the challenges of scaling up the country’s off-grid market. IDCOL has recently been engaged by the Ministry of Energy, Malawi to be the Fund Manager of the OGMDF. Financed by the World Bank, this facility targets to install 200,000 Solar Home Systems by June 2024 and catalyze private sector investment in the off-grid solar sector in Malawi.

 

The objective of the workshop was to engage with the local financial institutions to understand the off-grid solar market space in Malawi. Representatives from Standard Bank of Malawi, FDH Bank, MyBucks Banking Corporation etc. were present and provided their feedback on the Fund. IDCOL delivered the keynote presentation and moderated the discussion. Senior officials from the Ministry of Energy also participated in the workshop.

June 29, 2022
প্রধানমন্ত্রীর ত্রাণ তহবিলে বন্যার্তদের জন্য অনুদান : ইডকল
June 29, 2022
IDCOL earns Tk 3.98bn net profit in FY 2021
June 28, 2022
IDCOL donates Tk1 cr to PMs relief fund
June 28, 2022
25th AGM of IDCOL held
June 26, 2022
European delegation visits Idcol projects
June 26, 2022
European envoy visits renewable energy projects of IDCOL
June 26, 2022
আইডিসিওএলের প্রকল্প পরিদর্শনে ইউরোপীয় প্রতিনিধি দল
June 22, 2022
IDCOL Wins The Global Economics Awards 2022

IDCOL has been awarded “The Global Economics Awards 2022” in the “Best Green Initiative (Renewable Energy)-Bangladesh” category for implementing Solar Irrigation Pump (SIP) Project in Bangladesh. IDCOL was selected because of successful introduction of a green finance initiative to the smallholder collectives and farmers through an innovative business model under the SIP Project.

 

The award was announced by The Global Economics Limited, a UK based financial publication and a business magazine that provides thoughtful insights into the financial sectors on commercial and investment banking, wealth management and advisory across the world. This award recognizes the best market players in banking, finance, insurance, technology, healthcare, real estate and energy.

 

Other notable winners from previous years include Standard Chartered Bangladesh, HSBC Holdings Plc UK, KPMG, Bank of Ireland etc.

June 9, 2022
IDCOL to support Ministry of Energy in Malawi for solar home system program implementation
June 8, 2022
IDCOL to support Ministry of Energy in Malawi for Solar Home System program implementation

IDCOL will provide consultancy services to the Ministry of Energy in Malawi for the Off-Grid Market Development Fund under The World Bank funded Malawi Electricity Access Project. The objective of the fund is to address the challenges of scaling up the off-grid market in Malawi and electrify 200,000 new households in remote rural areas. The project will also have a transformative impact by reaching households who will not be connected to the grid in the foreseeable future by creating an enabling environment for solar companies.

 

IDCOL, a non-bank financial institution under the Economic Relations Division, catalyzes private sector investment in infrastructure, renewable energy, energy efficiency and PPP projects in Bangladesh. Notably, IDCOL implemented the globally acclaimed Solar Home System (SHS) program under which more than 5 million SHSs were installed all over Bangladesh benefiting 12 percent of the country’s population. In recent years, IDCOL is expanding its cross-border advisory services under which IDCOL earlier supported the Rural Energy Agency in Tanzania for establishment of Renewable Energy Investment Facility (REIF) supported by the African Development Bank. In Bangladesh, IDCOL provided support in updating the Nationally Determined Contributions (NDCs) which was submitted to the UNFCCC last year. IDCOL also supported the Climate Vulnerable Forum for the formulation of the ‘Mujib Climate Prosperity Plan: Decade 2030’, a strategic climate plan named after the father of the nation, Bangabandhu Sheikh Mujibur Rahman.

May 16, 2022
IDCOL at 25: An exemplary success
May 14, 2022
IDCOL invests $2b in 25 years
May 6, 2022
AIIB extends $200m credit facility to IDCOL
May 6, 2022
Bangladesh inks $200m deal with AIIB
May 6, 2022
ইডকলের জন্য ২০ কোটি ডলারের দীর্ঘমেয়াদি ঋণ সুবিধা বাড়িয়েছে এআইআইবি
May 5, 2022
AIIB EXTENDS US$ 200 M TO IDCOL FOR FINANCING INFRASTRUCTURE PROJECTS
May 1, 2022
Bangladesh signs $200m loan agreement with AIIB
March 31, 2022
Solar panels on factory rooftop Garment makers lead the way

Rooftop solar panels reduce a significant portion of the energy cost of industrial users and enhance their green credentials, says an expert. The photo was taken from the factory of Fakhruddin Textile Mills Limited in Sreepur upazila of Gazipur yesterday. Photo: Abu Bakar Siddique Akand

There is a growing interest among textile and garment entrepreneurs to install solar panels on their factory's rooftop in order to meet a portion of their demand for electricity while also reducing carbon emissions.

Until now, 41 firms have installed solar panels on their factory rooftops with a combined power generation capacity of 50 megawatts (MW). Of the firms, 70 per cent are engaged in making garments.

The Infrastructure Development Company Ltd (Idcol), a state-run non-bank financial institution, financed up to 80 per cent, or Tk 300 crore, of the installation cost for the panels in a bid to reduce the cost of power and develop green factories for a sustainable environment.

The rest was borne by the businesses themselves. This was disclosed at a workshop on the prospects and benefits of installing industrial rooftop solar systems, organised by Idcol at InterContinental Dhaka yesterday.

According to Idcol, it takes Tk 6 core to establish a rooftop solar power system with the capacity to generate 1MW of power.  The per unit power generation cost of rooftop solar power systems is only Tk 6.5, which is lower than gas or oil-based power plants.

"Solar rooftop systems can be a cost cutting measure to reduce industrial electricity costs," said Abdur Rouf Talukder, senior secretary of the finance division. The cost of electricity obtained from rooftop solar power systems is now about 20 per cent lower than the grid electricity tariff.

"It is also expected that solar photovoltaic (PV) based electricity will become cheaper than the power generated from natural gas in coming years," Talukder added.

According to Talukder, installing solar panels on the roofs of garment factories will not only reduce operational costs, but also assist the government in cutting the cost of imported fuel in the future.

It is worth mentioning that more than 1,000MW of rooftop solar systems can be installed on the unused roofs of garment and textile industries alone, Talukder said.

Fatima Yasmin, secretary of the Economic Relations Division (ERD), said the government has made solar power more economical through the net energy metering policy that allows industries to sell their excess solar energy production to the national grid.

Besides, the price of solar technology has also declined. Rooftop solar systems are successful in reducing a significant portion of the energy cost of industrial users, and enhance their green credentials, she added.

Abdul Baki, additional secretary of the ERD and director of Idcol, said the state-run non-bank has financed 26 mini solar grid projects in different remote river islands of the country.

These grids provide electricity to over 120,000 rural people for their income generating activities.

Till date, Idcol has financed more than 1,500 large solar irrigation pumps across the country, helping about 60,000 farmers enjoy irrigation services year-round in an environment-friendly manner.

The price of solar equipment in Bangladesh has fallen significantly over the past decade while the price of grid electricity increased by an average of 5 per cent annually at the same time.

Alamgir Morshed, executive director and chief executive officer (CEO) of Idcol, said everyone will gradually adopt green power due to its cost efficiency.

Idcol is providing both financial and technical support to promote solar rooftop plants, he added.

Among others, SM Moniurl Islam, deputy CEO of Idcol, and Syeda Masarrat Quader, regional public affairs manager of H&M Bangladesh, addressed the workshop.

H&M PROMOTING ROOFTOP SOLAR

Swedish multinational clothing brand H&M is promoting the use of rooftop solar technology among its enlisted garment makers in Bangladesh.

Idcol had organised the second workshop on the installation of industrial rooftop solar systems with participation of officials of local H&M garment suppliers.

The H&M officials discussed the installation of rooftop solar systems with their local suppliers.

Like the first workshop, this one was also focused on the net metering benefits for industries, and discussed how rooftop solar projects can help H&M's local supplier base reduce their carbon footprint and get more work orders from international buyers.

A total of 46 textiles and garment manufacturers from whom H&M sources apparel products took part in the workshop.

March 27, 2022
IDCOL appoints new Executive Director & CEO

Mr. Alamgir Morshed joined Infrastructure Development Company Limited (IDCOL) as the new Executive Director and CEO on March 27, 2022. Prior to this appointment, Mr. Morshed was the MD & Head of Financial Institutions, Standard Chartered Bank Bangladesh.

As a seasoned banker, Mr. Morshed over a span of over 26 years held various senior positions. He was the Head of Global Markets, Standard Chartered Bank, covering Foreign Exchange, Asset Liability Management, Debt Capital Market and Corporate Finance. He also headed bank’s Commercial Banking and Global Banking divisions supporting the local corporate clients, global subsidiaries, public sector and institutional clientele.    

He has been at the forefront of introducing many pioneering financial risk management and financing solutions. He is accredited for introducing currency derivatives, interest rate swap and commodity hedging. He played an active role in the sovereign rating advisory for Bangladesh. He has been a key contributor to Bangladesh Foreign Exchange Dealers Association (BAFEDA) and member of Syllabus and Exam Review Committee, Institute of Bankers, Bangladesh (IBB). He frequently speaks in various forums.

Mr. Morshed holds an MBA from Institute of Business Administration, University of Dhaka.

IDCOL is a Government owned leading non-banking financial institution under the Economic Relations Division that catalyzes private sector investment in infrastructure, renewable energy, energy efficiency and PPP projects in Bangladesh.  

February 18, 2022
IDCOL workshop on scaling up electric vehicle uptake
February 16, 2022
IDCOL to Support in Scaling Up Electric Vehicle Uptake in Bangladesh

IDCOL to Support in Scaling Up Electric Vehicle Uptake in Bangladesh

 

16 February 2022, Dhaka - Infrastructure Development Company Limited (IDCOL) organized a workshop today on “Scaling Up Electric Vehicle Uptake in Bangladesh” at Hotel InterContinental, Dhaka. The workshop is organized as part of the UK Government funded “Road to a Green Bangladesh” project that is identifying scalable business models and a financing ecosystem for businesses with an aim for electric vehicle (EV) uptake in Bangladesh. 

 

Earlier, IDCOL in partnership with Ricardo-AEA Limited, UK received funding 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).

 

In this project experts from Ricardo, IDCOL, HIVOS-Energia and other Bangladeshi organizations such as LightCastle Partners and Policy Exchange has engaged with the individual transport providers / SMEs / cooperatives with an aim for EV uptake in Bangladesh.

 

Mr. Abdul Baki, Additional Secretary to Economic Relation Division and Executive Director & CEO (in-charge) of IDCOL said “IDCOL is opening dialogues and bringing in the mainstream EV market players to develop an ecosystem where with the right set of business models the sector will grow to be bankable guided by the policy framework. IDCOL also intends to catalyze private sector investment targeted towards the infrastructure development for wide scale EV adoption in Bangladesh”.

 

Globally transport sector has the highest reliance on fossil fuels than any other sector and accounts for 37% Carbon-di-oxide (CO2) emissions from end users. In Bangladesh, it is the third largest sub-sector under the country's energy sector emissions. In the keynote presentation of IDCOL’s Chief Investment Officer Mr. Nazmul Haque, total running cost of Internal Combustion Engine (ICE) vehicles vs EVs were compared for electric two and three-wheelers under the current duty structure. It was analyzed that a targeted reduction of Total Tax Incidence and/or smart subsidy scheme might remove the EV viability gap and encourage EV purchase. Support may be provided to the private sector for setting up charging station network in major cities along with low-cost financing for various EV stakeholders.

 

Mr. Md. Nazrul Islam, Honorable Secretary to the Road Transport and Highways Division graced the occasion as Chief Guest. Mr. Md. Habibur Rahman, Honorable Secretary to the Power Division graced the occasion as Special Guest and Ms. Fatima Yasmin, Honorable Secretary to Economic Relation Division graced the occasion as Chair. Mr. John Warburton, Senior Environment Advisor from the British High Commission was also present at the event.

 

Ms. Fatima Yasmin, Secretary, Economic Relations Division and Chairman, IDCOL Board said, “Based on prior experience of developing similar financial instruments, IDCOL is perfectly positioned to develop a set of incentives for the purpose of building up the EV infrastructure. With support from the development partners, IDCOL can reduce the uncertainty of market uptake through development of flexible financing solutions for the private sector.”

Mr. Md. Habibur Rahman, Secretary, Power Division and Director, IDCOL Board said, “Power division is planning to establish EV charging station networks in major cities and highway routes where there will be a possibility of rapid deployment of EVs. When the market is ready, the power system of Bangladesh will also support with sufficient amount of EV charging networks.”

 

Mr. Md. Nazrul Islam, Secretary, Road Transport and Highways Division said, “Low cost and efficient transport network is a key determinant to drive growth and influence trade flows. The Government has set a clear vision to rally the collective national effort through Public-Private Partnership strategy by identifying key transport projects and allocating resources accordingly.”

February 9, 2022
IDCOL received the Certificate of Merit in SAFA Best Presented Annual Report Awards 2020 under Public Sector Entities category

Infrastructure Development Company Limited (IDCOL) has been adjudged as the recipient of ‘Certificate of Merit’ under Public Sector Entities category in SAFA Best Presented Annual Report Awards 2020. The Awards under different categories are conferred based on the evaluation administered by SAFA’s Committee for Improvement in Transparency, Accountability & Governance, of the published annual reports of entries from South Asian Countries.

 

The President of The Institute of Chartered Accountants of Bangladesh (ICAB) handed over the certificate to Mr. M. Maftun Ahmed, Company Secretory, IDCOL at the award giving ceremony held at the ICAB Auditorium, Dhaka on February 9, 2022.