Dhaka, Bangladesh (BBN)- 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 on 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.
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.
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.
BBN/SSR/AD-16Nov12-11:50 pm (BST)