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OUR OPERATIONS, ACTIVITIES AND PERFORMANCE: 2022 HIGHLIGHTS
3. Our Operations,
Activities and Performance: 2022 Highlights
In 2022, ICD’s work helped
SMEs grow and innovate, improved energy and food security in member countries, addressed the widespread demand for housing, and contributed to the post-COVID-19 recovery efforts of member countries.
3.1 Raising the production capacity of one of Bangladesh’s largest industrial conglomerates
In 2022, ICD extended a EUR 22.50 million facility using an Ijarah structure to Abul Khair Strips Processing Limited (AKSPL), a subsidiary of Abul Khair Group in Bangladesh. Abul Khair Group is one of the largest conglomerates in Bangladesh, having a strong foothold in the steel, cement, ceramics and fast-moving consumer goods (FMCG) market segments. The Group is currently the market leader in steel and cement products in Bangladesh. AKSPL, the beneficiary of ICD financing, produces intermediate products required for roofing and fencing in rural and industrial areas. ICD’s financing enabled AKSPL to expand its capacity from 305,000 metric tons (MT) to 505,000 MT and add new products to its portfolio by procuring equipment from Italy’s Danieli, one of the most renowned steel equipment manufacturers in the world.
The project has had a very strong development impact in terms of employment creation, technology transfer and improving local capacities. The total
REINVIGORATING THE PRIVATE SECTOR TO SHAPE A BETTER FUTURE 19