The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group, signed a memorandum of understanding (MoU) with Green Delta Capital Limited (GDCL) recently.
Under the MoU, both the parties will work together regarding sourcing, structuring and implementing various financing transactions in Bangladesh, according to a statement.
Farid Masmoudi, Director of Direct Investments and Financing Department & Member of the Management Committee of ICD, and Md Rafiqul Islam, Managing Director and CEO of Green Delta Capital Limited, signed the deal on behalf of their respective organisations.
In his speech, Farid Masmoudi said, "Bangladesh is one of ICD's member countries and since the beginning of ICD operations we disbursed around USD 153 million in favour of Bangladeshi projects and banks. It is also worth to mention that our future pipeline includes financing proposals of two Power Plants, and one Sugar Refinery. We are also keen to grow ICD involvement with Bangladeshi projects over the time."
Md Rafiqul Islam said, "The MoU between GDCL and ICD is a milestone in the country where our strong collaboration and friendship will address the significant financing needs in Bangladesh for the private sector to bring more sustainable business model in line with national goal to become a "Middle Income Country" by 2021."
During the MoU signing ceremony, Abdul Hafiz Choudhury, Chairman of Green Delta Insurance and Director of Green Delta Capital Limited, ASA Muiz, Senior Consultant of Green Delta Insurance, were present.
Syed Afsor H. Uddin, Chief Executive Officer, Public Private Partnership Authority, Prime Minister's Office, was present at the function as the chief guest.
Mabroor Mahmood, Principal, Term Finance, Director Investments and Financing Department, ICD, was also present at the signing ceremony.