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Idle IDCOL fund draws business flak

Idle IDCOL fund draws business flak

BSS, Dhaka
Chamber leaders at a meeting here yesterday sharply criticised the Infrastructure Development Company Ltd (IDCOL) for not putting its money in much needed infrastructure projects at a time the country requires a big spurt in investment.
The company set up in 1999 has 450 million US dollars paid up capital from which only 80 million dollars have so far been invested in a power project.
As the business leaders put up questions why it is keeping its capital idle, the executive director and chief executive of the IDCOL, Dr Fazlul Karim Khan, blamed the private sector for lacking readiness to use the money.
He also blamed some IDA restrictions that govern the utilisation of the fund. The issue dominated discussion at a presentation by Fazlul Karim at the FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) while its president Abdul Awal Mintoo was in the chair.
Karim, however, said the company is relaxing some of its rules that may now allow financing of private and public partnership projects, lending in local currency as also focusing on some small
projects.
But the business leaders shot back saying it appears the company is working for financing big projects by foreign firms.
The apprehensions proved right as the equity fund to which the World Bank provided 250 million dollars can only be available if some foreign embassies here make recommendations about it.
"If this is the case then what use of its being here," some leaders made a question pointing to the finance minister's recent comment on its failures at a seminar. He argued in that seminar, as one participant said the company should close its door if sitting idle and not coming with investment.
Participants in the meeting felt that the IDCOL should review its investment policies and outlook in the context of the need of Bangladesh economy and its society. Otherwise, it will find difficulty in justifying its cause.
Mintoo said the IDCOL is funding even NGO projects but not locally initiated private sector projects. Pointing to fast changing global and regional perspectives, he said, "We can't waste any time while we have a lot to do to face the challenges of time." It is time for the company to be our partner of devel-
opment.
Referring to 30 percent equity contribution by the company, he also wondered who would help mobilise the remaining capital for an entrepreneur. He said the IDCOL could take the role of the leader of a consortium that would also help mobilising remaining fund.
Most participants also stressed the need for setting up small power plants at 10 or 15 MW capacity unlike the 450 MW Meghnaghat plant suggesting that the company would come down the road.
It can also finance projects in information and communications technology, road, telecommunications and mobile phones, they said.
Some of them raised policy related issues suggesting if matters like risks bearing against exchange rate fluctuations can't be settled, repayment liability on long term projects would make under taking such projects almost impossible.
The participants also criticised the government for lacking rules and policies under certain regulatory framework that would clearly show where the government and the private sector stand in matters related to investment, risk management and other obligatory matters.