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Dhaka to approach GCF for textile sector energy efficiency

Jun '19
Dhaka to approach GCF for textile sector energy efficiency
The Infrastructure Development Company Limited (IDCOL) in Bangladesh will seek $100 million in loans from the Green Climate Fund (GCF) and hopes to secure a further $66 million through borrower co-financing. This is part of the $166 million in funds that the country is looking at securing to improve energy efficiency in the textile sector.

Based in South Korea’s Incheon, GCF is a fund established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) as an operating entity of the financial mechanism to assist developing countries in adapting practices to mitigate impact of climate change.

IDCOL hopes to secure $66 million through borrower co-financing, according to Bangla media reports.

Stakeholders exchanged views in Dhaka recently at a workshop on energy efficiency in the textile sector and its influence on the environment, society and gender, organised by IDCOL with support from implementing partners.

The funds being sought will have a five-year disbursement period and a 10-year repayment period with a two-year grace period, IDCOL’s GCF unit manager Mafruda Rahman explained.

IDCOL, a non-bank financial institution working in the medium to large-scale infrastructure and renewable energy financing space, is accredited by the GCF to handle loans of up to $250 million. The company includes both senior government officials and three private sector representatives on its board.

The proposal to GCF is likely to be submitted by September this year. If approved, IDCOL will be authorised to identify local recipients of funding. There are currently three approved GCF funded projects in Bangladesh. (DS)

Fibre2Fashion News Desk – India

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