Idcol supports off-grid fund launching in Malawi
Infrastructure Development Company Limited (Idcol) has been providing support to the Ministry of Energy of the government of Malawi as the fund manager of the Malawi Off-Grid Market Development Fund (OGMDF) to develop the solar market.
Idcol will operationalise the $20 million financing window to address the challenges of scaling up the off-grid market by providing debt financing as working capital support, grant facility to provide end-user subsidy and Market Catalyst Fund to support the local companies, reads a press release.
The fund, supported by the World Bank under the Malawi Electricity Access Project, targets to electrify 200,000 new households in remote rural communities. The Solar Home Systems (SHSs) will provide clean and reliable electricity to households and small businesses, promoting economic growth and improving the living standards of people living in remote areas.
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The launching ceremony of the fund was inaugurated by Ibrahim Matola, minister of Energy of Malawi, on 10 March at Lilongwe, the capital of Malawi.
Hugh Ridell, country manager of The World Bank in Malawi, along with high officials from the ministry, the World Bank and private sector stakeholders attended the programme.
On behalf of the fund manager, Ashraf Hossain Bhuiyan, AVP of Idcol, presented the keynote paper highlighting various aspects of the fund. Solar products which will be used in the project were also displayed by the companies during the programme.
Idcol, a non-bank financial institution under the Economic Relations Division, catalyses private sector investment in infrastructure, renewable energy, energy efficiency and PPP projects in Bangladesh. Notably, Idcol implemented the globally acclaimed SHS programme under which more than 5 million SHSs were installed all over Bangladesh benefiting 12% of the country's population.
In a message, Alamgir Morshed, executive director & CEO of Idcol, extended his heartiest congratulations to the Government of Malawi for successfully launching the OGMDF.
Morshed said, "Our effort will help people living in remote areas of Malawi live better lives since we believe that access to electricity is a fundamental right.
"Based on our expertise of implementing renewable energy projects in Bangladesh, we are eager to assist governments in implementing a variety of RE interventions in their nation."
Idcol utilises its expertise in project finance, financial analysis, financial modelling, project management experience and corporate advisory services to offer strategic advisory services in Bangladesh and abroad.
