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IDCOL to seek $100m loan from Green Climate Fund for textile sector

Bangladesh Infrastructure Development Company Limited (IDCOL) will seek a $100 million loan from the Green Climate Fund (GCF) and will secure $ 66 million through financing energy efficiency initiatives or investor co-financing in the country’s textile sector. IDCOL is one of two local direct-access accredited companies authorized to manage GCF finance.

IDCOL to seek $100m loan-Green Climate Fund

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

As part of preparing the funding proposal, a dissemination and stakeholder consultation workshop on ‘Impacts of Energy Efficiency on Environment, Social and Gender in Textile Sector of Bangladesh’ was conducted on 29 July at the Surma Hall of the Pan Pacific Sonargaon, Dhaka.

The chief guest at the workshop, Secretary of the Economic Relations Department, Monowar Ahmed called for the implementation of all the relevant policies to help achieve the national goals of energy efficiency.

M Mosleh Uddin, Unit Head of GCF of IDCOL, presented a brief overview of the project and various GCF requirements. Shuaib Kamili, Project Manager of the study for EY, presented the findings of the study and noted that the program needs support from the government and various other stakeholders and will have a nationwide impact.

IDCOL Executive Director and CEO Mahmud Malik said that IDCOL is complementing this effort as one of the most important agendas of our country and as a company, in the transition to affordable and reliable and energy supply.

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