Infrastructure Development Company Limited

Facts in the company's audited statements1

Facts the state-owned company's own audited financial statements print, two blind readers: mandate = the principal activities / nature of business note verbatim (source_kind fs_principal_activities); legal_basis = its registration under the Companies Act as printed (fs_companies_act_registration; owner ruling 2026-09-23); dated_event = the printed incorporation date; place = the registered office district. Each reader's text is kept (_a, _b); pages are 1-based PDF pages.

• Audited financial statements: functions or principal activities · Since inception, IDCOL has been playing a major role in bridging the financing gap for developing medium and large- scale infrastructure and …

  • Heading: Principal activities
  • Printed in: notes to the financial statements

  Reader A

  Since inception, IDCOL has been playing a major role in bridging the financing gap for developing medium and large- scale infrastructure and renewable energy projects in Bangladesh. The Company now stands as the market leader in private sector energy and infrastructure financing in Bangladesh. The primary objective of the Company is to promote significant … Read allShow less

  Since inception, IDCOL has been playing a major role in bridging the financing gap for developing medium and large- scale infrastructure and renewable energy projects in Bangladesh. The Company now stands as the market leader in private sector energy and infrastructure financing in Bangladesh. The primary objective of the Company is to promote significant participation of the private sector in investment and operation, ownership and maintenance of new infrastructure facilities. Infrastructure projects IDCOL offers long-term financial support for private sector infrastructure projects to meet the increasing demand for infrastructure development in the country. IDCOL collaborates with multiple development partners and multilateral banks to jointly finance large-scale infrastructure projects. Focusing on the priority sectors of the Government of Bangladesh, IDCOL helps channel long term funding for these projects. Over the years, IDCOL has played a pioneering role in building resilient infrastructure across the country, particularly in the private power generation sector. IDCOL's investment scope in infrastructure covers various areas including industries that support infrastructure, economic zones, social infrastructure, hotels and tourism, ports, gas infrastructure, water supply and sewage systems, telecommunications, information and communication technology, toll roads and bridges, shipyards, shipbuilding, mass transportation systems, infrastructure backward linkages and urban environmental services. As of 31 December 2025, IDCOL’s Infrastructure project portfolio stands at over BDT 86 billion. IDCOL's commitment to promoting private sector investment in infrastructure has resulted in the mobilization of significant co-financing, both in terms of equity and loans, from both local and foreign sponsors, banks, non-banking financial institutions, and development financial institutions for infrastructure projects. Leveraging its experience in working with international lenders for long-term USD financing, IDCOL has been able to secure funds for various local projects from the global market. In 2025, IDCOL made investments across a diverse range of sectors including ports, steel, agro-processing, and healthcare sectors. Additionally, collaborating with multiple foreign Development Finance Institutions (DFIs) and commercial banks has not only strengthened IDCOL's lending capacity but also solidified its reputation as a reliable co-financier among foreign lenders. IDCOL extends beyond just financing, having broadened its offerings to include advisory services. The Company has been facilitating syndicated loan facilities from both local and international markets to fund substantial projects, aligning with its commitment to support private sector infrastructure financing. Since its inception, IDCOL has been arranging loans, earning a distinguished reputation as a leading arranger, especially in the power sector. Renewable Energy Projects Under renewable energy program, IDCOL is implementing projects in four major areas- solar home systems (SHS), domestic biogas plants, improved cook stoves (ICS), solar roof top, solar grid tied and small-scaled renewable energy based power plants. IDCOL started its SHS Program in 2003 with an initial target to finance 50,000 SHSs with financial assistance from the World Bank and Global Enviornment Facility (GEF). Subsequently, a number of development partners participated in the program by providing refinancing and grant support. IDCOL provides soft loans and grants as well as necessary technical assistance under the program. IDCOL's SHS Program has been acclaimed as the largest off-grid renewable energy program in the world having installation of more than 4.13 million SHSs in the remote areas of the country. It has brought significant changes in lives in remote rural areas of Bangladesh through providing access to basic electricity. IDCOL has been implementing Biogas Program in Bangladesh since 2006. Initially, the program started as National Domestic Biogas and Manure Program (NDBMP) with the support from SNV, Netherlands Development Organization and KFW, German Development Bank. In 2012, the World Bank also joined to support the program under its Household Energy Initiatives. With the support from KFW and the World Bank, IDCOL restructured the Program in 2013. Under this program, IDCOL has a target to install 100,000 domestic size biogas plants in Bangladesh by 2030 out of which more than 73,990 biogas plants have already been installed. IDCOL launched the ‘Improved Cook Stove (ICS) Program’ in May 2013 with the initial target to install 1 million ICSs across the country by 2018. Under the program, IDCOL provides institutional development grant and technical assistance to its partner organizations (POs). IDCOL’s principal objective is commercialization of ICS, which would allow the ICS market to develop and flourish after the completion of the Program. Till December 2025, a total of 4.15 million ICS have been installed under the Program. Besides, IDCOL has been financing various small-scaled renewable energy projects including solar PV based irrigation pumps, solar PV based micro-grid projects, biomass gasification based power projects, biogas based power plants, solar powered solution for telecom BTS etc. In addition, IDCOL is exploring the financing of more biogas and biomass based power projects in near future. IDCOL has a target to finance 300 MWp rooftop solar by 2026 and 10,000 solar irrigation pumps by 2030. In addition, IDCOL is exploring opportunities of financing waste to energy and wind projects in near future. Under gird tied project, IDCOL disbursed an amount of USD 66.75 million and BDT 177.71 crore to Intraco Solar Power Ltd., Western Monpura Solar Power Ltd., and Bangladesh China Renewable Energy Company Ltd.. In addition, IDCOL has already approved financing of 6 projects totaling 273 MW capacity which are expected to be installed by 2026. Corporate advisory services IDCOL provides a wide range of fee-based advisory services with project advisory, capacity building, financial advisory, government advisory, climate consulting and transaction advisory as its focus areas. During the reporting period, IDCOL was engaged in advisory assignments in Malawi as Fund Manager of the Off-Grid Market Development Fund (OGMDF) under the World Bank-financed Malawi Electricity Access Project (MEAP); and in Ethiopia as Grant Administration Support Consultant (GASC) of the Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project, financed by the World Bank. In December 2025, IDCOL was further directly selected by the World Bank as Fund Manager for the newly launched Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Malawi project. IDCOL earlier provided advisory services to the UK Department of Business, Energy and Industrial Strategy (BEIS); Skills for Employment Investment Program (SEIP) under Finance Division; Rural Energy Agency of Tanzania; Loughborough University of UK; Climate Vulnerable Forum-Vulnerable 20 Group (CVF-V20); UNDP; USAID Bangladesh Advancing Development and Growth through Energy (BADGE) Project; Skills for Employment Investment Program (SEIP) under Finance Division (Tranche 3); Power Cell; Bangladesh Power Development Board; IRENA and Acron Infrastructure Services Ltd and Food and Agriculture Organization (FAO) Bangladesh. In addition, IDCOL has provided training and capacity building services to 1,650 professionals in Bangladesh and hosted 190 international delegates as part of 19 delegations for their experience sharing program on Renewable Energy. During the reporting period, IDCOL also organized a two-day Rooftop Solar Project Finance training program on September 21-22, 2025, attended by 47 officials from banks and non-bank finance companies, covering project finance fundamentals, due diligence processes, and technical risk considerations for industrial rooftop solar. ADELE Project: IDCOL has been engaged as the Grant Administration Support Consultant (GASC) by the Ministry of Water & Energy (MoWE) of the Federal Democratic Republic of Ethiopia (FDRE) for the Result-Based Financing (RBF) for Standalone Solar Systems. The World Bank has extended USD 500 million to the FDRE for the Access to Distributed Electricity and Lighting in Ethiopia (ADELE) Project, out of which a USD 10 million RBF grant is being channeled to off- grid solar (OGS) companies by the MoWE to create 350,000 new connections through standalone solar solutions. During the reporting period, IDCOL enlisted 45 participating organizations through three rounds of open calls, facilitated the installation of over 40,000 SHSs, electrified more than 190,000 rural beneficiaries, and delivered capacity building training to 81 participants across three rounds of structured programs. The total contract value for the original assignment (January 2024 to March 2026) amounts to USD 2,475,257, comprising IDCOL’s fees of USD 1,784,101, partner fees of USD 240,020, VAT of USD 303,618, and tax on non-resident experts of USD 147,518. Cumulative receipts by IDCOL total USD 1,136,906, with invoices of approximately USD 755,000 pending settlement as of the reporting date. The World Bank and the Government of Ethiopia have agreed in principle to extend IDCOL’s engagement through March 2027, the project’s closing date. In connection with local currency expenses, an account with the Commercial Bank of Ethiopia (CBE) in Ethiopian Birr (ETB) has been opened from which local expenses are borne. The transactions in ETB are not recorded in IDCOL’s books of accounts during the reporting period; at the end of the assignment, IDCOL will transfer the net amount to Bangladesh and record the same in its books of accounts accordingly.

  Reader B

  Since inception, IDCOL has been playing a major role in bridging the financing gap for developing medium and large-scale infrastructure and renewable energy projects in Bangladesh. The Company now stands as the market leader in private sector energy and infrastructure financing in Bangladesh. The primary objective of the Company is to promote significant … Read allShow less

  Since inception, IDCOL has been playing a major role in bridging the financing gap for developing medium and large-scale infrastructure and renewable energy projects in Bangladesh. The Company now stands as the market leader in private sector energy and infrastructure financing in Bangladesh. The primary objective of the Company is to promote significant participation of the private sector in investment and operation, ownership and maintenance of new infrastructure facilities. Infrastructure projects IDCOL offers long-term financial support for private sector infrastructure projects to meet the increasing demand for infrastructure development in the country. IDCOL collaborates with multiple development partners and multilateral banks to jointly finance large-scale infrastructure projects. Focusing on the priority sectors of the Government of Bangladesh, IDCOL helps channel long term funding for these projects. Over the years, IDCOL has played a pioneering role in building resilient infrastructure across the country, particularly in the private power generation sector. IDCOL's investment scope in infrastructure covers various areas including industries that support infrastructure, economic zones, social infrastructure, hotels and tourism, ports, gas infrastructure, water supply and sewage systems, telecommunications, information and communication technology, toll roads and bridges, shipyards, shipbuilding, mass transportation systems, infrastructure backward linkages and urban environmental services. As of 31 December 2025, IDCOL’s Infrastructure project portfolio stands at over BDT 86 billion. IDCOL's commitment to promoting private sector investment in infrastructure has resulted in the mobilization of significant co-financing, both in terms of equity and loans, from both local and foreign sponsors, banks, non-banking financial institutions, and development financial institutions for infrastructure projects. Leveraging its experience in working with international lenders for long-term USD financing, IDCOL has been able to secure funds for various local projects from the global market. In 2025, IDCOL made investments across a diverse range of sectors including ports, steel, agro-processing, and healthcare sectors. Additionally, collaborating with multiple foreign Development Finance Institutions (DFIs) and commercial banks has not only strengthened IDCOL's lending capacity but also solidified its reputation as a reliable co-financier among foreign lenders. IDCOL extends beyond just financing, having broadened its offerings to include advisory services. The Company has been facilitating syndicated loan facilities from both local and international markets to fund substantial projects, aligning with its commitment to support private sector infrastructure financing. Since its inception, IDCOL has been arranging loans, earning a distinguished reputation as a leading arranger, especially in the power sector. Renewable Energy Projects Under renewable energy program, IDCOL is implementing projects in four major areas- solar home systems (SHS), domestic biogas plants, improved cook stoves (ICS), solar roof top, solar grid tied and small-scaled renewable energy based power plants. IDCOL started its SHS Program in 2003 with an initial target to finance 50,000 SHSs with financial assistance from the World Bank and Global Enviornment Facility (GEF). Subsequently, a number of development partners participated in the program by providing refinancing and grant support. IDCOL provides soft loans and grants as well as necessary technical assistance under the program. IDCOL's SHS Program has been acclaimed as the largest off-grid renewable energy program in the world having installation of more than 4.13 million SHSs in the remote areas of the country. It has brought significant changes in lives in remote rural areas of Bangladesh through providing access to basic electricity. IDCOL has been implementing Biogas Program in Bangladesh since 2006. Initially, the program started as National Domestic Biogas and Manure Program (NDBMP) with the support from SNV, Netherlands Development Organization and KFW, German Development Bank. In 2012, the World Bank also joined to support the program under its Household Energy Initiatives. With the support from KFW and the World Bank, IDCOL restructured the Program in 2013. Under this program, IDCOL has a target to install 100,000 domestic size biogas plants in Bangladesh by 2030 out of which more than 73,990 biogas plants have already been installed. IDCOL launched the ‘Improved Cook Stove (ICS) Program’ in May 2013 with the initial target to install 1 million ICSs across the country by 2018. Under the program, IDCOL provides institutional development grant and technical assistance to its partner organizations (POs). IDCOL’s principal objective is commercialization of ICS, which would allow the ICS market to develop and flourish after the completion of the Program. Till December 2025, a total of 4.15 million ICS have been installed under the Program. Besides, IDCOL has been financing various small-scaled renewable energy projects including solar PV based irrigation pumps, solar PV based micro-grid projects, biomass gasification based power projects, biogas based power plants, solar powered solution for telecom BTS etc. In addition, IDCOL is exploring the financing of more biogas and biomass based power projects in near future. IDCOL has a target to finance 300 MWp rooftop solar by 2026 and 10,000 solar irrigation pumps by 2030. In addition, IDCOL is exploring opportunities of financing waste to energy and wind projects in near future. Under gird tied project, IDCOL disbursed an amount of USD 66.75 million and BDT 177.71 crore to Intraco Solar Power Ltd., Western Monpura Solar Power Ltd., and Bangladesh China Renewable Energy Company Ltd.. In addition, IDCOL has already approved financing of 6 projects totaling 273 MW capacity which are expected to be installed by 2026. Corporate advisory services IDCOL provides a wide range of fee-based advisory services with project advisory, capacity building, financial advisory, government advisory, climate consulting and transaction advisory as its focus areas. During the reporting period, IDCOL was engaged in advisory assignments in Malawi as Fund Manager of the Off-Grid Market Development Fund (OGMDF) under the World Bank-financed Malawi Electricity Access Project (MEAP); and in Ethiopia as Grant Administration Support Consultant (GASC) of the Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project, financed by the World Bank. In December 2025, IDCOL was further directly selected by the World Bank as Fund Manager for the newly launched Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Malawi project. IDCOL earlier provided advisory services to the UK Department of Business, Energy and Industrial Strategy (BEIS); Skills for Employment Investment Program (SEIP) under Finance Division; Rural Energy Agency of Tanzania; Loughborough University of UK; Climate Vulnerable Forum-Vulnerable 20 Group (CVF-V20); UNDP; USAID Bangladesh Advancing Development and Growth through Energy (BADGE) Project; Skills for Employment Investment Program (SEIP) under Finance Division (Tranche 3); Power Cell; Bangladesh Power Development Board; IRENA and Acron Infrastructure Services Ltd and Food and Agriculture Organization (FAO) Bangladesh. In addition, IDCOL has provided training and capacity building services to 1,650 professionals in Bangladesh and hosted 190 international delegates as part of 19 delegations for their experience sharing program on Renewable Energy. During the reporting period, IDCOL also organized a two-day Rooftop Solar Project Finance training program on September 21-22, 2025, attended by 47 officials from banks and non-bank finance companies, covering project finance fundamentals, due diligence processes, and technical risk considerations for industrial rooftop solar. ADELE Project: IDCOL has been engaged as the Grant Administration Support Consultant (GASC) by the Ministry of Water & Energy (MoWE) of the Federal Democratic Republic of Ethiopia (FDRE) for the Result-Based Financing (RBF) for Standalone Solar Systems. The World Bank has extended USD 500 million to the FDRE for the Access to Distributed Electricity and Lighting in Ethiopia (ADELE) Project, out of which a USD 10 million RBF grant is being channeled to off-grid solar (OGS) companies by the MoWE to create 350,000 new connections through standalone solar solutions. During the reporting period, IDCOL enlisted 45 participating organizations through three rounds of open calls, facilitated the installation of over 40,000 SHSs, electrified more than 190,000 rural beneficiaries, and delivered capacity building training to 81 participants across three rounds of structured programs. The total contract value for the original assignment (January 2024 to March 2026) amounts to USD 2,475,257, comprising IDCOL’s fees of USD 1,784,101, partner fees of USD 240,020, VAT of USD 303,618, and tax on non-resident experts of USD 147,518. Cumulative receipts by IDCOL total USD 1,136,906, with invoices of approximately USD 755,000 pending settlement as of the reporting date. The World Bank and the Government of Ethiopia have agreed in principle to extend IDCOL’s engagement through March 2027, the project’s closing date. In connection with local currency expenses, an account with the Commercial Bank of Ethiopia (CBE) in Ethiopian Birr (ETB) has been opened from which local expenses are borne. The transactions in ETB are not recorded in IDCOL’s books of accounts during the reporting period; at the end of the assignment, IDCOL will transfer the net amount to Bangladesh and record the same in its books of accounts accordingly.

  • Note Checked by three independent readers; reader A's copy differed
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