BIFFL beefs up bid to pick CEO

State-controlled Bangladesh Infrastructure Finance Fund Limited (BIFFL) has intensified search for chief executive officer to head the non-bank financial institution after the departure of its current head, according to people familiar with the process.
The BIFFL discontinued its first CEO Atiquzzaman in January as he did not meet the criteria of the CEO as per the central bank's guidelines.
The post has virtually remained vacant since January 30. Mr Atiquzzaman came to the organisation from the Titas Gas on lien.
The specialised non-bank institution put advertisement in local and international media seeking its first professional CEO with substantial job experience in the financial sector, either at home or abroad.
As many as 35 applicants, including seven from the overseas, submitted the applications.
The international applicants came from Hong Kong, Indonesia and India, people familiar with the process told the FE.
They said the board will decide the next course of action in relation to the appointment of the CEO.
Officials at the BIFFL said they are expecting a board meeting within February 20 to decide on the appointment of the CEO.
It might make a short list of the applicants. Only the short listed candidates will sit for a viva voce.
The BIFFL, however, will not bear any travel and dearness allowances for both the local and international applicants.
The BIFFL is government funded financial company formed to facilitate public Private Partnership (PPP) projects. Apart form this, it is also mandated to fund privately-financed projects.
It is a public limited company registered under the Companies Act, 1994 incorporated on 21 March 2011.
Earlier, the cabinet meeting held on 29 July, 2010 had approved the formation of Bangladesh Infrastructure Finance Fund Limited (BIFFL).
The Authorised Share Capital of the company is Tk 100 billion (Tk 10,000 crore) divided into 1 (one) billion shares of Tk 100.00 each and the Subscribed Share Capital or Paid-up capital is Tk 16.00 billion.
The main objective of BIFFL is to provide predominantly long-term financing for PPP projects through issuance of bonds and debt instruments and equity offerings.
BIFFL situated in the city's Kakrail area envisages attracting private investments from local and foreign investors and investing in companies that are implementing infrastructure projects in Bangladesh.  Currently, an additional secretary of the Ministry of Finance is on the charge of the CEO.
    jasimharoon@yahoo.com