Increase industrial energy efficiency to cut costs

Increasing industrial energy efficiency is an effective way for Bangladesh to achieve significant cost savings and long-term energy security, said Michael Sumser, director of KfW Development Bank, at an event.

He made the comment at a programme styled "New Financing Solutions for Energy Efficiency Interventions", orgainsed by Infrastructure Development Company Ltd (Idcol) at InterContinental Dhaka on Sunday, said a press release.

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The event highlighted new financing solutions of Idcol.

In addition to long-term concessional taka loans, Idcol will be able to offer long-term fixed-rate Euro and USD loans in association with KfW and GCF.

"Idcol has already financed/approved more than Tk 2,500 crore in RMG, textile, cement, steel, and commercial/industrial building sectors for energy efficient machinery and equipment," said Alamgir Morshed, executive director and CEO of Idcol.

"Various initiatives have been undertaken by the government to promote energy efficiency and conservation across different industries," said Md Khurshid Alam, executive director of Bangladesh Bank.