NEWS

Atiur Rahman - the Governor, Bangladesh Bank speaking at the signing ceremony of agreement of mutual cooperation between IIDFC and NSIC. Among others from right – Mr. Rajeet Mitter, Indian high commissioner to Bangladesh, Mr. HP Kumar Chairman of India's National Small Industries Corporation, Mashiur Rahman, the prime minister's adviser on economic affairs, M Matiul Islam, Chairman of IIDFC, Mr. M Syeduzzaman, Vice Chairman of IIDFC, Md. Asaduzzaman Khan, Managing Director of IIDFC and Syed Rezwanul Kabir Managing Director of SME Foundation are also seen.

IIDFC has signed Cooperation Agreement with National Small Industries Corporation, Government of India on March 30, 2010, for assisting SME development in Bangladesh, which among others, 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. The Cooperation Agreement was signed by Mr. Matiul Islam -Chairman, IIDFC and by Mr. H.P. Kumar, Chairman cum Managing Director of NSIC.

Appreciating this private sector initiative, Dr. Atiur Rahman the Governor, Bangladesh Bank, said that the central bank is playing a proxy role in SME development and that SMEs in Bangladesh can do far better if we can give them financial and technological facilities. This Cooperation Agreement will go a long way in providing the technological needs, he hoped.

The signing ceremony was presided over by Dr. Masihur Rahman the prime minister's adviser on economic affairs who lauded the first initiative for forging cooperation between India and Bangladesh after the Bangladesh Prime Minister’s official visit to India earlier this year. The ceremony was attended by Mr. Rajeet Mitter the Indian High Commissioner, Mr. M. Syeduzzaman Vice-Chairman of IIDFC, , Mr. Aftab ul Islam, Chairman, SME Foundation and Syed Rezwanul Kabir Managing Director of SME Foundation, among others.

IIDFC being the 1st Local Financial Institution enters into Carbon Trading through signing agreement with the World Bank & the Govt. of Denmark to support cleaner brick production in Bangladesh Embargoed to 12 pm August 25, 2009 Dhaka:

The Bangladesh brick making sector received a boost today with the signing of 2 Emission Reduction Purchase Agreements (ERPA) between the Industrial and Infrastructure Development Finance Company (IIDFC) and the World Bank acting as the trustee to the Community Development Carbon Fund (CDCF) and the Danish Ministry of Climate & Energy under the project titled “Improving Kiln Efficiency in the Brick making Industry in Bangladesh”. The agreements will pave the way for purchasing emission reductions from 20 Hybrid Hoffman kilns, at various stages of production and construction, from June 2010. The coal fired Hybrid Hoffman Kilns are able to reduce coal consumption by about 50 percent compared to regular Bangla brick kilns.  The resulting reduction in the emissions of green house gases- mainly carbon dioxide, can be sold to developed countries as an offset to reduce their emission of green house gases. A UNDP project assisted importation of the HHK technology from China for introduction in Bangladesh. 

Under the two agreements, World Bank and Denmark will buy 1,89,000 tons and 60,000 tons of Carbon Emission (CO2) respectively at a price of US$ 15.20 per ton from IIDFC who will act as the overall agent for the 20 brick kiln owners to sell the emission reductions. Chairman of IIDFC Mr. Md. Matiul Islam said “What it means is that the HHK owners can now earn revenues from 2 sources - making and selling bricks and generating emission reductions and at the same time earn foreign exchange for the country. We are hopeful that this scheme will encourage other brick kiln owners to adopt HHK technology which offers multiple benefits”. Managing Director of IIDFC Mr. Md. Asaduzzaman Khan said “IIDFC is proud to be associated with this pioneering project for reducing emission of green house gases.”

Danish Government representative (Deputy Program Director, Danish Energy Agency) Ms. Ulla Blat Bendtsen said “Denmark is delighted to be purchasing emission reductions from Bangladesh ahead of the Conference of the Parties to the United Nations Framework Convention on Climate Change taking place in Denmark at the end of the year.  The agreement builds on existing financial commitments by the Government of Denmark to support Bangladesh to address the impacts of climate change. We hope that this is only the beginning of greater participation by Denmark in the green house emission reduction effort of Bangladesh.”    

World Bank Acting Country Director Mr. Robert L. Floyd said “Even though Bangladesh is a small emitter of green house gases it continue to adopt innovative technologies to reduce its emissions of green house gases”.

IIDFC Opens Brokerage House

Industrial and Infrastructure Development Finance Company Limited (IIDFC) recently opened its Brokerage House Operation at 7th floor of Eunoos Center in Motijheel Commercial Area. The inaugural ceremony of Brokerage House Services Division was held on 10th June 2009 at its office premises.  Mr. Ziaul Haque Khandker, Chairman, Securities and Exchange Commission (SEC) and Mr. Rakibur Rahman, President of Dhaka Stock Exchange Limited attended the occasion as Chief and Special guests respectively. Mr. M Matiul Islam, Mr. M Syeduzzaman, Mr. Md. Asaduzzaman Khan Chairman, Vice Chairman and Managing Director, IIDFC were present in the occasion. Other participants includes member of SEC, Managing Directors/ CEO’s and Senior officials of different Banks, Financial Institutions, broker houses and investors.

Mr. M Matiul Islam, in his welcome address expressed his gratitude to SEC Chairman for his cooperation to IIDFC Board and Management in the process of starting brokerage house operation.

Mr. Ziaul Haque Khandker, Chairman of Securities and Exchange Commission (SEC) in his inaugural address said that bigger participation of the Financial Institutions in the Capital Market will bring qualitative and quantitative changes in the market. He stressed the need of advisory and qualitative services to the customers by the broker houses.

Mr. Rakibur Rahman, President of Dhaka Stock Exchange, in his speech said that, the capital market got wide responses from the customers and now the market size stood at Tk. 700 crores.  With the patronization of the government and the broker houses it is possible to raise about Tk. 20,000 crore to Tk. 30,000 crore from this market within a period of 2-3 years which can be utilized in the infrastructure development of the country.

Mr. Md. Asaduzzaman Khan, Managing Director presented IIDFC crests to Mr. Ziaul Haque Khandker, chief guest and Mr. Rakibur Rahman, special guest.

The ceremony was ended with a vote of thanks to the guests by the Managing Director IIDFC.

Signing Ceremony with EXIM Bank Ltd. for a 5-years term loan agreement

Industrial and Infrastructure Development Finance Company Limited (IIDFC) signed a 5-years term loan agreement with EXIM Bank Ltd recently. Mr. Proshanta K Halder, Deputy Managing Director of IIDFC and Mr. Md. Kazi Masihur Rahman, Managing Director of EXIM Bank Ltd signed the agreement on behalf of their respective institutions. Mr. Md. Sirajul Islam Bhuiyan, Mr. Mohammed Haider Ali Miah, Deputy Managing Directors of EXIM Bank Ltd and other senior officials from both the institutions were also present in the ceremony.

Chairman and Managing Director presenting Crest to His Highness Sheikh Nahayan Mabarak Al Nayahan

IIDFC to Raise Syndicated Loan for "Pran Group"

Industrial and Infrastructure Development Finance Company Ltd (IIDFC) will raise syndicated loan in local currency for Pran ExportLtd and RFL Plastics Ltd. A memorandum of understanding (MoU) to this effect was signed between the two organisations on Thursday in Dhaka,says a press release.Amjad Khan Chowdhury, chief executive of Pran Group, ,and Mahmood Malik, managing director of IIDFC, signed the 'MoU on behalf of their organisations. IIDFC will raise the syndicated loan, which will be utilized for installation of a new food processing concern and also for expansion of existing plastic product manufacturing project.