IFC ready to finance \\\'green projects\\\' in BD

The International Finance Corporation (IFC) has opened up its financing offer for different sectors in Bangladesh, mainly textile and poultry, as the country's financial sector has developed capacity to analyze and finance the 'green projects'.
IFC Director (South Asia) Serge Devieux said this to the FE during an exclusive interview in the city on the sideline of the sustainable business conference Saturday.
He said the IFC has been financing big projects in various sectors globally, like - infrastructure, agri business, manufacturing, power and energy etc, and the organisation is now focusing on Bangladesh.
"The IFC is now emphasising Bangladesh. We want to do more for the country, besides our ongoing $400 million assistance programme. We want to double it; giving importance definitely to banking sector, as 'go green' is our top agenda."
The IFC director said Bangladesh's speedy industrialization and rapid economic growth have put the environment at risk.
With the IFC's advisory, technical and capacity building supports, the country's financial institutions (FIs) are now in a position for financing the 'green projects'.
The IFC South Asia director praised the central bank for its pioneering role in formulating regulatory framework for sustainable banking.
He said the banks having the 'green banking' principles can use the IFC fund in compliance with the organisation's norms.
 "With this, the banks can also avoid risk in investing projects in power or forestry sectors," the director said, when his attention was drawn to some projects that might affect the Sundarbans and natural resources.
"Forestry financing does not mean imposing ban on cutting trees, but ensuring quality replacement of those trees to protect environment. We will finance in forestry, and we will request our clients to go through the IFC's norms for protecting environment."
Serge Devieux noticed the positive response of the FIs, as they can realise their important role in the economy as well as responsibility in saving public deposit.
"Green banking proposition has been very well received in general. It is good for the banks, because it is a sustainable business. In many cases, it can open new market for them by launching new products."
He, however, focused on changing habits of people, including industrialists, active role of civil society, and pressure groups etc to change the whole scenario in protecting resources.
Regarding the recent labour unrest situation, he said the IFC attaches much importance to labour issues in financing the sectors, like - textile etc, looking at the labour practices and labour laws.