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December 12, 2015
IIDFC-NSIC renews SME Cooperation Agreement

The Cooperation Agreement between National Small Industries Corporation, Government of India and Industrial and Infrastructure Development Finance Company Limited (IIDFC), Bangladesh has been renewed for further 3 years at a simple ceremony held at IIDFC Office in Dhaka on March 24, 2013. The agreement is intended to learn and share best practices in SME sector both in Bangladesh & India. These include creating business incubation centers, demonstration & training on technologies, sustainable business alliances between enterprises in India and Bangladesh, setting up of technology parks for SMEs. Such share of knowledge and experience will help establishing direct linkage of SME entrepreneurs of both the countries which will ultimately boost total trade and commerce.

It may be recalled that IIDFC had organized a SME technology fair under this collaboration agreement for 9 days from October 9-16, 2011 in Dhaka. Around 40 SME entrepreneurs both from India and Bangladesh exhibited their products in the fair which were visited by more than 3,000 visitors visited the fair.

On behalf of IIDFC the Cooperation Agreement was signed by Mr. M Matiul Islam, Chairman, IIDFC while Mr. H.P. Kumar, Chairman cum Managing Director signed on behalf of NSIC.

Both the part of the signatories expressed their hope that SMEs in Bangladesh can do far better if they can be provided financial and technological facilities. This Cooperation Agreement will go a long way in providing the technological needs, they hoped.

The signing ceremony was attended among others Mr. R. Masakui , First Secretary, High Commission of India, Mr. S. Muhnot , Managing Director, Small Industries Development Bank of India (SIDBI), Mr. Rajiv Chawla, Chairman, Integrated Association of Micro Small and Medium Enterprises of India (IamSME of India), Mr. Praley Dey, General Manager (Tech.), NSIC, Mr. M. Syeduzzaman, Vice-Chairman, IIDFC, Mr. Md. Asaduzzaman Khan, Managing Director, IIDFC, Mr. Md. Khalilur Rahman, AMD, IIDFC, Mr. Md. Russel Shahrior, SVP & Head of SME Finance, IIDFC and Mr. Nessar Maksud Khan, Sr. Vice President, Dhaka Chamber of Commerce and Industries.

December 12, 2015
ADB to lend $ 6.0m to IIDFC to improve energy efficiency

The Asian Development Bank (ADB) has signed a deal with the Industrial and Infrastructure Development Finance Company Limited (IIDFC) to lend US$ 6.0 million as loan for improving energy efficiency of the country's industries. Asaduzzaman Khan, managing director (MD) of the IIDFC and Philip Erquiaga, director general of ADB's private sector operations department, signed the agreement in this connection at the ADB Dhaka office Thursday on behalf of their respective organisations.

Under the deal, the IIDFC, a leading non-banking financial institution (NBFI), will receive the term loan from the ADB for lending to industries that are highly energy intensive. The agreement will pave the way for improving energy efficiency and reducing green house gas (GHG) emissions in seven broad industrial sectors include steel, cement, brick-making, ceramics, textiles, chemicals and agri-industries.

"We've signed the deal after two years of negotiations with the ADB," the MD of IIDFC told the FE, adding that the entrepreneurs will be able to reduce their energy consumption replacing outdated energy intensive machinery by high-tech ones. "The entrepreneurs will be able to minimise their overall production costs using the high-tech technology instead of the backdated one," Mr Khan said while explaining the advantage of the upgradation of technologies in the industrial sectors. He also said the IIDFC will provide a maximum of $ 3.0 million loan to a single industry under the new project. "We're working to protect environment through improving energy efficiency with adoption of new technologies in different carbon-emitting sectors including brick kiln in Bangladesh," the IIDFC MD noted.

With this loan, the IIDFC becomes the first participant in the $ 30 million industrial energy efficiency finance programme, which was approved by the Board of ADB in December 2011.

"There is a growing demand for energy efficiency to improve energy security and reliability, increase competitiveness and reduce energy costs, faced by consumers," an IIDFC senior official said, adding that it will also help to reduce local and the global GHG emissions. However, reliable information on bankable energy efficiency projects from the use of efficient equipment/devices is not readily available and entrepreneurs are naturally cost sensitive, and do not under normal circumstances consider expensive options that may save their (consumers') energy, according to the official. He also said a $ 1.5 million technical assistance (TA) agreement has already been signed between the IIDFC, as the executing agency of the TA, and the ADB to conduct energy audits in some 120 target industries in the aforesaid sectors to identify bankable projects.

Selected projects through energy audits will later be financed by the IIDFC, the official added.

For ADB, Michael Barrow, director, Martin Lemoine, project team leader and for the IIDFC, M Syeduzzaman, vice chairman, Syed Tanveer Hussain, consultant, Rafiqul Islam, head of credit, Russel Shahrior, head of SME, Shamim Ahamed, chief financial officer (CFO), Sami Huda, head of corporate, and Shafiqul Alam, assistant manager of carbon finance, among others, attended at the signing ceremony.S M Rahmatullah, ADB's local legal counsellor on this transaction, also attended the ceremony.

December 12, 2015
IIDFC emerge corporate football champions

IIDFC emerged as champions of the 6th Ascent Cup 5-a-side Corporate Football Tournament with a 1-0 victory over Gemcon in the final at the STM Hall Uttara.

Md. Abdul Al Mamun scored the solitary goal for the surprise Winners who sailed through to the final on the back of some sterling performances and ran away with the trophy.

Gemcon were left to rue their luck after seeing off giants and multiple winners Beximco Pharma but fell short at the final hurdle to an inspired IIDFC.

The tournament was held over seven match-days with a record 48 corporate houses taking part in the event

December 12, 2015
Business Heroes Honoured

It was a special nigh to honour the country's five business heroes -- institutions and individuals -- for taking their ventures to a greater height of achievement in their own areas. Each award is a success story and a signpost for ideas and innovations in the world of business.

On a night of triumph for business, M Matiul Islam, Chairman of Industrial and Infrastructure Development Finance Company (IIDFC), was crowned with Lifetime Achievement Award for a career that spanned six decades. He is best recognised as a doyen of banking for building a financial system to jive up the war-ravaged economy soon after the Liberation war. Matiul Islam, as the country's first finance secretary, nationalised six banks and set up Arab Bangladesh Bank, a first step in the private sector.

Commerce Minister Faruk Khan, who graced awards ceremony as the chief guest. The minister,who gave away the awards to the winners, said it would not have been possible without the hard work of the entrepreneurs and assured the business community that all obstacles to economic development would be removed.

The ceremony was attended by 300 businesspeople, diplomats, bureaucrats, politicians, entrepreneurs, celebrities, civil society members and academics. The award aims to acknowledge the contributions of companies and individuals in business, create an environment for entreneurship and improve the standards of corporate management.

M. Matiul Islam said his philosophy is to never look back. "I alwase look forward. That is my guiding principle. Life is nothing without productivity."

December 12, 2015
HSBC, Star Honour climate Heroes

HSBC and The Daily Star yesterday awarded four champions of green vision amid calls for using Bangladesh's own resources in efforts to tackle the impacts of climate change.

Environmentalists, ministers, civil society members and business leaders gathered at Bangabandhu International Conference Centre in the capital to attend the HSBC-The Daily Star Climate Awards 2010, the first of its kind in the country.

The awards were designed in four categories: climate change adaptation, mitigation, research and knowledge management, and green business entrepreneurship.

One individual and three institutions were awarded for their distinguished efforts in combating the global threat.

Industrial and Infrastructure Development Finance Company (IIDFC) Ltd won the award in climate change mitigation category for financing the country's first green brick project. It helped introduce a technology that uses 50 percent less energy in making bricks. IIDFC Chairman M Matiul Islam received the award on behalf of the company.

The Daily Star and HSBC jointly organized the award ceremony with the objective to encourage individuals and institutions work to take on the climate-change challenge

Agriculture Minister Matia Chowdhury, who attended the function as the chief guest, said countries like Bangladesh bear the brunt when developed countries do most of the emission. She said Bangladesh should start dealing with the challenges of the global climate change using its own capabilities.

The award-winners thanked HSBC and The Daily Star for taking up such an initiative, which according to them would encourage many others to get involved in activities that help save the environment.

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