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Infrastructure Investment Facilitation Company

Summary

The Infrastructure Investment Facilitation Company (IIFC) (Bengali: অবকাঠামো বিনিয়োগ সুবিধা সংস্থা) is a Bangladesh government company that acts as an advisory body under the Economic Relations Division of the Ministry of Finance.[1] Md. Shahriar Kader Siddiky is the chairperson and Md. Shahabuddin Patwary is the managing director of the company.[2][3]

Infrastructure Investment Facilitation Company (IIFC)
Formation1999
HeadquartersDhaka, Bangladesh
Region served
Bangladesh
Official language
Bengali
Websitewww.iifc.gov.bd

History edit

Infrastructure Investment Facilitation Company was established in 1999 under the Companies Act of 1994. The purpose of the IIFC is to encourage and support public-private partnership (3P) in Bangladesh.[2] The company provides consultancy services to public agencies and projects regarding the development of infrastructure to encourage private investments.[4]

In 2004, M Saifur Rahman, Minister of Finance and Planning, criticized the Infrastructure Development Company Limited and Infrastructure Investment Facilitation Center for failing to properly encourage investment.[5] It signed an agreement with Power Grid Company of Bangladesh to lease out the fiber optic cable from Chittagong to Dhaka.[6]

According to a 2008 study, the IIFC suffered from a lack of formal or informal power, and so was involved in less than half of the 3P projects developed in the country.[7]

In 2010, the Infrastructure Investment Facilitation Company was hired by Bangladesh Bridge Authority to provide an estimated cost of Dhaka Elevated Expressway.[8] The previous consultant, AECOM Australia Propriety Ltd, had provided estimate that Bangladesh Bridge Authority thought was too high.[9]

On 29 March 2021, Abdul Baki, additional secretary in charge of World Bank Wing at the Ministry of Finance, was appointed managing director of Infrastructure Investment Facilitation Company.[10] It supported Bangladesh Railway in creating the draft Bangladesh Railway Amendment Act.[11]

Board of directors edit

Name Position Reference
Sharifa Khan Chairman [12]
Md. Habibur Rahman Director [12]
Md. Shahriar Kader Siddiky Director [12]
Md. Jashim Uddin Director [12]
A. K. M. Nurul Fazal Bulbul Director [12]
Golam Mainuddin Director [12]
Md. Shahabuddin Patwary Director [12]

References edit

  1. ^ "52pc consumers apply for electricity connection through middlemen: survey". The Daily Star. 2021-05-29. Retrieved 2022-11-04.
  2. ^ a b "Infrastructure Investment Facilitation Company (IIFC)". iifc.gov.bd. Retrieved 21 June 2020.
  3. ^ "New MD for of IIFC". The Daily Star. 14 January 2020. Retrieved 21 June 2020.
  4. ^ "Govt sweetens deals for economic zones". The Daily Star. 10 December 2014. Retrieved 21 June 2020.
  5. ^ "Saifur lashes out at IDCOL, IIFC for lacklustre show". The Daily Star. Retrieved 21 June 2020.
  6. ^ "Deal on leasing out Dhaka-Ctg optical fibre cable network". The Daily Star. Retrieved 2022-11-04.
  7. ^ Farrugia C.; Reynolds, T; Orr, RJ (August 2008). "Public-Private Partnership Agencies: A Global Perspective". CRGP Working Paper (39).
  8. ^ "Expressway deal by early Jan". The Daily Star. 2010-12-19. Retrieved 2022-11-04.
  9. ^ "Cost estimate too high". The Daily Star. 18 October 2010. Retrieved 21 June 2020.
  10. ^ "ERD add secy to be also IIFC MD". The Daily Star. 2021-03-29. Retrieved 2022-11-04.
  11. ^ "Bangladesh Railway act back to drawing board after 133 years". The Financial Express. Retrieved 2022-11-04.
  12. ^ a b c d e f g "Infrastructure Investment Facilitation Company (IIFC)". www.iifc.gov.bd. Retrieved 2022-11-04.