IDCOL wins FinanceAsia Awards

The state-owned Infrastructure Development Company Limited (IDCOL) has received the prestigious “FinanceAsia Awards 2023” in the “Best Sustainable Bank” category in Bangladesh.

The 27th edition of the award was announced by FinanceAsia magazine, a Hong Kong-based publication reporting on Asia’s financial and capital markets. The award celebrates institutions which showed determination to deliver desirable outcomes through the display of commercial and technical expertise, read a press release.

IDCOL, a non-bank financial institution under the Economic Relations Division of the finance ministry, catalyses private sector investment in infrastructure, renewable energy, energy efficiency and PPP projects in Bangladesh.

It has been selected as a winner based on its financial performance in 2022, notable recent transactions for providing cross-border advisory services to the Government of Malawi and extending a credit facility to a university as well as a large-scale energy-efficient commercial building in 2022, and its vision for the future as well as its strategy to realise the vision, the release added.

Alamgir Morshed, executive director and CEO of IDCOL, expressed his sincere gratitude to FinanceAsia magazine for acknowledging IDCOL’s contribution. He thanked all stakeholders for their continued strong support and belief in IDCOL.

He further said the award is a testament to the hard work and dedication of the team, who are committed to helping customers and communities thrive in a sustainable way thereby implementing the government’s vision of a sustainable Bangladesh.

Morshed also mentioned that this award is a reminder that IDCOL is on the right track, and “it motivates us to continue our work to create a more sustainable future for Bangladesh.”

Since its inception, IDCOL is playing a major role in bridging the financing gap for developing medium to large-scale infrastructure and renewable energy projects in Bangladesh. The company now stands as the market leader in private-sector energy and infrastructure financing in Bangladesh.

IDCOL’s vision is to help ensure the economic development of the country and improve the standard of living of the people through sustainable and environment-friendly investments.

It also aims to catalyze and optimise private sector participation in the promotion, development, and financing of infrastructure as well as renewable energy, and energy efficiency projects in a sustainable manner through public-private-partnership initiatives.

IDCOL is managed by an eight-member independent Board of Directors comprising four senior government officials, three representatives from the private sector and a full-time Executive Director and Chief Executive Officer. It has a small and multi-skilled workforce comprising financial and market analysts, engineers, lawyers, IT experts, accountants and environmental and social safeguard specialists.