Infrastructure Development Company Explained

Infrastructure Development Company Limited (IDCOL)
Formation:1997
Type:Financial institution
Headquarters:UTC Building, 16th Floor, 8 Panthapath, Kawran Bazar
Location:Dhaka, Bangladesh
Language:Bengali, English
Key People:Shahriar Kader Siddiky (Chairman)[1]
Parent Organization:Ministry of Finance, Government of Bangladesh
Num Staff:400+

Infrastructure Development Company Limited is a government owned specialised non-bank financial institution that finances renewable infrastructure projects in Bangladesh and is located in Dhaka, Bangladesh.[2] In 2016, it was awarded the United Nations Momentum for Change Award.[3]

History

Infrastructure Development Company Limited was established on 14 May 1997 by the Government of Bangladesh.[4] It also finances organizations who distribute solar panels in Bangladesh.[5] The company was licensed by the Bangladesh Bank as a non-bank financial institution on 5 January 1998. Since its inception, it has played a major role in bridging the financing gap for developing medium to large-scale infrastructure and renewable energy projects in Bangladesh.

The company is managed by a nine-member independent Board of Directors comprising five senior government officials, three representatives from the private sector and a full-time executive director and chief executive officer. Secretary/Senior Secretary of Economic Relations Division under the Ministry of Finance is the ex-officio chairman of the company. It has a small and multi-skilled work force comprising financial and market analysts, lawyers, engineers, IT experts, accountants and environmental and social safeguard specialists.

Notes and References

  1. Web site: Board of Directors . Infrastructure Development Company Limited (IDCOL).
  2. Web site: Infrastructure Development Company Ltd. COAST Trust. 19 November 2016.
  3. News: Bangladeshi company honoured with UN climate award. Dhaka Tribune. 19 November 2016. 18 November 2016.
  4. Web site: Infrastructure Development Company Limited . 19 November 2016. Infrastructure Development Company Limited.
  5. News: 27 October 2016. Solar Bangla for Shonar Bangla. 19 November 2016. Dhaka Tribune. Op-ed.