• Wednesday, Dec 11, 2019
  • Last Update : 05:18 am

IDCOL seeks $100m loan to make textile sector energy efficient

  • Published at 09:54 pm July 29th, 2019
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Monowar Ahmed, Economic Relations Division secretary speaks at workshop titled 'Impacts of Energy Efficiency on Environment, Social and Gender in Textile Sector of Bangladesh' at the Surma Hall of the Pan Pacific Sonargaon, Dhaka on Monday, July 29, 2019 Courtesy

The Infrastructure Development Company Limited is one of the two local direct access accredited entities empowered to handle GCF money

IDCOL will be seeking $100 million in loans from the Green Climate Fund (GCF), secure a further $66 million through borrower co-financing to finance energy efficiency initiatives in the Bangladeshi textile sector.

The Infrastructure Development Company Limited (IDCOL) is the first local direct access accredited entity, in Bangladesh, empowered to handle GCF money.

Improving energy efficiency in the Bangladesh’s textile industry is considered the key to retaining global competitiveness as well as helping the country to meet its climate change objectives, said a press release.

As part of preparing the funding proposal, a dissemination and stakeholder consultation workshop titled Impacts of Energy Efficiency on Environment, Social and Gender in Textile Sector of Bangladesh, was conducted yesterday at the Surma Hall of the Pan Pacific Sonargaon, Dhaka.

Speaking as chief guest at the workshop, Monowar Ahmed, Economic Relations Division secretary, called for prompt implementation of all related policies to help achieve the various national objectives of energy efficiency.

M Mosleh Uddin, unit head of GCF at IDCOL, presented a brief overview of the project and various GCF requirements. Shuaib Kamili, project manager of this study from EY presented the finding of the study and mentioned that program will need the support of the government and various other stakeholders to be successful and have a nationwide impact.

An interactive panel discussion followed on management of environment, social and gender impacts of energy efficiency in the textiles sector of Bangladesh, moderated by Dr Atiq Rahman, executive director of the Bangladesh Centre for Advanced Studies (BCAS).

Mahmood Malik, executive director and CEO of IDCOL, thanked all the stakeholders who participated in the workshop and stated that a transition to affordable and reliable and energy supply is one of the important agenda of our country and IDCOL as a government organization is supplementing these efforts.