|Published : 16 Sep 2016, 23:58:49|
Govt provides IIFC with Tk 100 million as equity fund
The government has provided Infrastructure Investment Facilitation Company (IIFC) with Tk 100 million as equity fund to help the consulting company operate properly, officials said.
The senior secretary of the finance division has sent a brief summary to the finance minister for approval. The minister approved the summary last week, they said.
IIFC, a global consulting company based in Bangladesh incorporated in 1999 as a company limited by guarantee under the Companies Act 1994. The company became operational in January 2000.
IIFC has been providing a wide range of management consultancy services to the clients around the world. But the company has faced losses due to various reasons, an Economic Relations Division (ERD) official said.
The entity earned profit from the fiscal year (FY) 2007-2008 to FY 2011-2012. It faced losses from FY 2012-2013 to 2013-14. In such circumstances, loan and liability of the company have increased. This is why loan or donation was needed to run the company smoothly and achieve its goals, he added.
A high official of the finance division said some Tk 100 million will be provided to IIFC as equity. But the state entity will have to revise a memorandum of understanding (MoU).
The agency is managed by ERD. It maintains a pool of staff and experts and operates by engaging local and foreign consultants.
It is also deeply involved with Public-Private Partnership (PPP) in port, power, energy, economic zones and roads and construction sectors.