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Tofail asks IPDC officials to invest to expand industrialization

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December 21, 2000 

Dhaka--(Bangla2000) – Industries Minister Tofail Ahmed urged the Industrial Promotion and Development Company (IPDC) officials and shareholders to increase support to investors for expanding industrialization in Bangladesh.

The Minister was addressing the IPDC dividend hand over ceremony at the Industries Ministry here yesterday.

IPDC is a non-banking financial institution as well as a development financial institution. It primarily invests in debt and equity of various enterprises.

It was incorporated in 1981 as a premier private sector development institution to provide financial and technical assistance to both local and foreign private investments in Bangladesh.

Bangladesh government owns 30 percent share of IPDC, Bangladesh limited and its corporate character is reflected by four equal share of 17.5 percent each by the International Finance Corporation, Commonwealth Development Corporation, German Investment and Development Company and Aga Khan Fund for Economic Development of Switzerland.

It started its journey with Tk 2.70 crore. Its portfolio growth has been substantial and now stands at around Tk 3 billion in over 100 projects. Its collection ration exceeds over 90 percent and non-performing portfolio is below two percent.

Although initially conceived as an equity investment vehicle, IPDC now offers fund to its clients, including equity financing, pre-IPO placements, long term debt and bridge financing, basing and working capital financing.

It also offers financial support for pre investment feasibility studies, market studies, corporate advisory service, including syndication of funds, capital restructuring, merger and acquisitions.

The company puts emphasis on entrepreneurship development by financing green-field projects and encourages joint ventures for transferring fund and technology.

The Minister on behalf of the Industries Ministry received Tk 10.80 crore as bonus share for the year 1999. He also received a cheque of Tk 67.50 lakh as cash dividend for year.

Managing Director of IPDC CL Alam handed over the bonus share and cheque to the minister. Industries Secretary Al-Ameen Chowdhury and other officials of IPDC were present on the occasion, said an official release.

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