BIFFL and BlueMount Capital execute MOU to secure international finance for infrastructure and green technology projects
BIFFL, one of the major government-owned non-bank financial institutions focused largely on infrastructure projects and BlueMount Capital, an Australian-headquartered corporate finance house signed an MOU to collaborate on international financing of infrastructure and green projects in Bangladesh.
Bangladesh’s GDP has grown at a rate of 7% per annum for the past 10 years and the country has enormous infrastructure financing requirement to meet its goal of becoming a middle-income country by 2021 and achieving Sustainable Development Goals (SDG) by 2030.
BIFFL has already financed 40 projects in Bangladesh and have a robust project pipeline at different stages of development.
Traditionally, Bangladesh has utilised soft-loan funds from the Asian Development Bank, World Bank and similar international finance institutions.
Under the MOU, BlueMount Capital will work with BIFFL on corporate and commercial investment and financing channels.
The Parties will cooperate to secure support from the Bangladesh Government for guarantees and appropriate incentives, in applicable cases, to attract international investment.
“We are pleased with this initiative to broaden our inbound investment channels with an international corporate finance house such as BlueMount Capital,” said the Executive Director and CEO of BIFFL Mr S.M. Formanul Islam.
“Bangladesh has several attractive infrastructure and energy projects ranging in scale and stages of development,
“We have more than US$ 2 billion of investment and financing opportunities for infrastructure and energy projects” said Mr Islam.
BlueMount Capital Chairman Dr Saliba Sassine said the group is looking forward to working closely with BIFFL and to promoting investment opportunities to international investment houses focused on emerging markets or energy and infrastructure opportunities.
“Bangladesh location makes it a strategic bridge between South Asia and South East Asia,” said Dr Sassine.
“Combined this with strong growth over the past decade, a liberal and multi-party system of government and a good mix of skills and education among its workforce, Bangladesh is well poised to become a strong Tiger Economy.”
BIFFL and BlueMount aim to action their efforts in early 2019 with a selection of opportunities.