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IDCOL funds Sirajganj Economic Zone

November 07, 2023 00:00:00

FE Desk

The Infrastructure Development Company Limited (IDCOL), a government-owned financial institution, has extended significant financial support to Sirajganj Economic Zone Limited (SEZL) for the establishment of a 1035-acre economic zone, making it the largest private economic zone in Bangladesh.

IDCOL's approval of Tk 1,725 million in debt financing underscores its commitment to supporting large-scale infrastructure projects in the private sector. As of now, IDCOL has already disbursed Tk 725 million for the development of on-site and off-site facilities for SEZL, says a press release.

In 2018, the Bangladesh Economic Zones Authority (BEZA) granted final approval to the establishment of the Sirajganj Economic Zone. And the licence was awarded to a consortium consisting of eight companies and three individuals.

This strategic economic zone boasts excellent connectivity through road, river, air, and rail networks, unlocking new employment opportunities for the people of the northern region.

The Sirajganj Economic Zone is expected to facilitate both local and foreign investments, attracting substantial foreign investment to the private sector of Bangladesh.

The economic zone is expected to create employment opportunities for some 500,000 individuals, contributing significantly to the region's economic growth.

IDCOL's involvement in bridging the financing gap for large-scale infrastructure and renewable energy projects underscores its pivotal role as a government-owned financial institution. The organisation remains committed to fostering sustainable development and promoting economic prosperity in Bangladesh's private sector, the release added.

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