IDCOL gets fund from Germany's KfW to finance energy projects
IDCOL has secured two separate funds from the German Development Bank, Kreditanstalt für Wiederaufbau (KfW), to finance and promote energy efficiency and renewable energy in the industry.
Under an agreement signed Saturday at The Westin in Dhaka, KfW will be extending EUR41 million and EUR99.5 million to IDCOL to foster energy efficient and renewable energy projects respectively, reads a press release.
IDCOL and KfW Development Bank signed two Separate Loan Agreements under which IDCOL will be acting as the Project Executing Agency (PEA) to finance companies undertaking energy efficiency and renewable energy measures.
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The fund focusing on Energy Efficiency will be utilised for various puposes including energy efficiency extensions or replacement of equipment and machinery with a view to reducing final energy consumption and related CO2 emission by at least 20%.
The Renewable Energy concentrated fund will be used to finance Solar Irrigation, Solar Grid-Tied, and Biogas (domestic and commercial) projects.
Alamgir Morshed, Executive Director and CEO of IDCOL, and Michael Sumser Hellstern, Director of KfW Bangladesh, exchanged the agreements at the ceremony.
Sharifa Khan, Secretary, Economic Relations Division (ERD), Munira Sultana Chairman, SREDA, SM Monirul Islam Deputy CEO IDCOL, officials of the Ministry of Finance and Bangladesh Bank, along with representatives of IDCOL and KfW were present at the ceremony.
