IDCOL signs $256.5 deal with Green Climate Fund

July 21, 2022 00:00:00

Officials from IDCOL and Green Climate Fund attend the signing ceremony of the funding deal held online on Wednesday

IDCOL as the Direct Access Entity (DAE) of GCF, signed a Funded Activity Agreement (FAA) with GCF on Wednesday to receive USD 256.5 million concessional financing to promote energy efficiency in textile and RMG sectors of Bangladesh. The signing ceremony was held online, says a press release.

This is the first concessional GCF credit line for Bangladesh, as well as the first private sector financing of GCF in the country. This fund will catalyze climate finance in low-emission and climate-resilient development of the industrial sector.

Ms. Sharifa Khan, Secretary, Economic Relations Division and Focal Point of NDA to GCF as well as Chairman of IDCOL, Alamgir Morshed, Executive Director & CEO, IDCOL and Yannick Glemarec, Executive Director of the Green Climate Fund, were present, among others.