Infrastructure Development Company Limited (IDCOL) has assisted the Ministry of Energy of the Government of Malawi as the Fund Manager of the Malawi Off-Grid Market Development Fund (OGMDF) to develop the solar market. In order to solve the difficulties of expanding the off-grid market, IDCOL will operationalize the USD 20 million financing window by providing debt financing as working capital assistance, grant facilities to give end-user subsidies, and Market Catalyst Fund to promote the local businesses.

The Malawi Electricity Access Project, financed by The World Bank, aims to electrify 200,000 new households in remote rural villages. The Solar Home Systems (SHSs) will provide affordable electricity to underserved and harder-to-reach segments of the population, by engaging the local off-grid solar companies in Malawi.

On March 10, 2023, in Lilongwe, the capital of Malawi, Mr. Ibrahim Matola, Minister of Energy for the Government of Malawi, officially inaugurated the Fund. The session was attended by Mr. Hugh Ridell, the Country Manager of The World Bank in Malawi, as well as high-ranking representatives of the Ministry, The World Bank, and private sector stakeholders. Mr. Ashraf Hossain Bhuiyan, AVP, IDCOL, delivered the keynote paper addressing various features of the Fund on behalf of the Fund Management. During the program, the businesses also showed solar products that would be used in the project.

In a message, Mr. Alamgir Morshed, Executive Director & CEO of IDCOL extended his heartiest congratulations to the Government of Malawi for successfully launching the OGMDF. Through the OGMDF, we are glad to collaborate with the Malawi Government and promote the growth of the off-grid market. According to Mr. Morshed, "Our effort will help people living in remote areas of Malawi live better lives since we believe that access to electricity is a fundamental right. Based on our expertise in implementing renewable energy projects in Bangladesh, we are eager to support the Ministry of Energy, Malawi in implementing this project that will supplement the Government of Malawi’s target of universal electricity access by 2030".

Notably, strategic advisory services are provided by IDCOL in Bangladesh and overseas using its experience in project finance, financial analysis, financial modeling, project management, and corporate advisory services. Throughout the past few years, IDCOL has competed against prominent local and international consultancy firms for noteworthy domestic and international assignments to provide advisory services.