Approach to Developing an Investment Prospectus for Bangladesh Molly M. Ward U.S. Department of State June 4, 2014 SE4ALL Development Process AcLviLes March 2013 Mission July 2013 Mission November 2013 Mission May 2014 Mission Established dialogue with government and private sector stakeholders ConLnued dialogue with stakeholders and discussed Investment Prospectus Framework Workshop with public and private sector stakeholders Met with project proponents to collect/ validate informaLon received Produced Aide Memoire Reviewed and revised Investment Prospectus Framework for Bangladesh IdenLfy/review details of potenLal projects for the Investment Prospectus Evaluated project opportuniLes for the Investment Prospectus Developed a preliminary Investment Prospectus Framework for each SE4ALL objecLve area Designed a process for developing the Investment Prospectus and started due diligence on potenLal projects Produced an Investment Framework document to define SE4ALL project types and request project proposals for the Investment Prospectus Outputs Follow-‐on Work Prepare draT Investment Prospectus for review by stakeholders 2 Selected List of Stakeholders Met Government • Ministry of Power, Energy and Mineral Resources • Ministry of Finance • Bangladesh Power Development Board • Rural ElectrificaLon Board • Bangladesh Energy Regulatory Commission • Infrastructure Development Company Limited (IDCOL) InternaHonal donors • World Bank • Asian Development Bank • UNDP • USAID • BMZ, KfW and GIZ Businesses • • • • • • Dhaka Chamber of Commerce BRAC Solar East Coast Group EnergyPac Electronics Rahimafrooz Soleric Civil Society and Academia • Grameen ShakL • Rural Services FoundaLon • Bangladesh Solar and Renewable Energy AssociaLon • Bangladesh University of Engineering and Technology • United InternaLonal University 3 CriHcal Process Steps • The Aide Memoire idenLfied key focal areas for SE4ALL acLviLes. • The SE4ALL team is coordinaLng with IDCOL, the Government of Bangladesh, Global Alliance for Clean Cookstoves, World Bank, UNDP, KfW, GIZ, and other donors. • Development of the Investment Prospectus Framework provided public and private stakeholders with: 1. A list of potenLal SE4ALL investment opportuniLes for each focal area 2. A template for proponents to submit project proposals 3. Opportunity to provide inputs through focal area roundtable discussions with all stakeholders 4 Going Forward • ConfidenLality is criLcal to the process, and there has been an undertaking by the SE4ALL project team only to share detailed informaLon with potenLal investors. • On-‐going work includes idenLfying and holding discussions with potenLal investors (“match-‐making”), talking to government agencies about reducing barriers, and talking to financial agencies about de-‐ risking mechanisms. • The process is a pipeline for opportuniLes as they become ready rather than formal request for proposal process. 5 Main Eligibility Criteria • Commercial viability or strong potenLal for commercial viability • DemonstraLon effect and the potenLal to scale-‐up • Competence of project proponents and track record in project implementaLon The team took into account the potenLal for replicaLon in other countries and cross-‐cucng issues, such as impacts on health, gender, agriculture, water, rural development, etc. 6 First Round of Projects Twenty projects were submieed – all are in the due diligence stage – the furthest along are: • Clean Cooking – two projects that are first of their kind in the country • Third Genera0on SHS upgrades – expansion of successful program • Mini-‐grids – three projects ranging from 3kw to 100kw • Waste to Energy and organic ferLlizer • LED manufacturing facility • Brick kiln technology upgrade 7 Overview of First Round Projects • 17 projects were submieed by the private sector, 2 by NGOs, and 1 by an independent state owned non-‐bank financial insLtuLon • Financing requirements range from $750,000 to $120,000 million • Targeted investors are venture capitalists, impact investors, development finance insLtuLons, commercial banks and program related investment of foundaLons. 8 Country AcHon Process in Ghana • MARK: Need a slide on the general process in Ghana to develop an Investment prospectus àthis is to demonstrate that the process and Investment Prospectus itself must remain flexible and country-‐dependent 9 Thank you Molly M. Ward [email protected] 10
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