IDCOL to support electric vehicle project

Staff Correspondent

19 March, 2021 12:00 AM printer

Infrastructure Development Company Limited (IDCOL) is going to join a UK-based firm in an electric vehicles project in Bangladesh.

The project of Ricardo-AEA Limited aims to enable the country’s businesses have access to finance and investment in new electric vehicles.

Ricardo-AEA Limited is a UK-based international energy and environmental consulting firm.

In the project, experts from Ricardo, IDCOL and other Bangladeshi organisations such as Light Castle Partners and Policy Exchange will scope scalable inclusive business models.

They also ensure an enabling financing ecosystem for individual transport providers, small medium enterprises (SMEs) and cooperatives with an aim for electric vehicle uptake in Bangladesh.

IDCOL will support Ricardo in conducting the demands and need assessment surveys among the micro, small and medium enterprises (MSMEs).

It will also evaluate the current financing options before developing a financing product for banks and financial institutions in Bangladesh.

The project will also support organisations in developing business plans and making applications for funding to banks.

Ricardo has received funding for the project from the UK government for business, energy and industrial strategy (BEIS) under its UK PACT (Partnering for Accelerated Climate Transitions) and Green Recovery Challenge Fund (GRCF).

UK PACT is a capacity building programme under the UK’s international climate finance portfolio.

The GRCF programme was set up in January 2020 under which the projects in countries across Latin America, Sub-Saharan Africa, and Asia will be supported to accelerate their low-carbon transition.