IIFC set to become independent co

Express (August 12, 2011)

The state-owned Infrastructure Investment Facilitation Centre (IIFC) is set to emerge as a full-fledged company aimed at operating as international consultant at home and abroad independently, officials said Thursday.

Finance ministry officials said the board of directors of the IIFC in June this year approved the plan to emerge as Infrastructure Investment Facilitation Company (IIFC) instead of centre.

"We've already changed our memorandum of article (MoA) for re-launching as a full-fledged company. Our extra- ordinary general meeting and board of directors have approved it," Chief Executive Officer of the IIFC Nazrul Islam told the FE.

He said after getting government's approval we will operate as an international consultant in different countries and "we will earn foreign exchange through our consultancy service in different countries."

"Our company will invest money to boost our capacity and excellence so that we can compete with the international consultancy firms in different international biddings," he said.

The IIFC has sent a proposal to the Economic Relations Division (ERD) for its approval as a full-fledged independent company.

A senior ERD official said they have been reviewing the proposal of the IIFC.

IIFC as an entity under the ERD, which has expertise on newly emerged investment paradigm --public private partnership (PPP), is committed to enhancing public sector PPP campaign.

The IIFC chief Mr. Islam said our main objective will be to introduce, promote, encourage, facilitate and assist all and any forms of PPP and use of non-government finance and other resources in the development and improvement of infrastructures at home and abroad .

"We want to transform and adopt our PPP experiences in the public sector project with the government in Bangladesh as well as other countries. It will strengthen the project implementation capacity of the government agencies," he said.

Mr. Islam said after getting approval of the government we will compete at the international bidding to grab consultancy works at different countries.