UK’s OMECO shows investment interest in Bangladesh projects

British-based OMECO Consortium has shown its interest in funding and implementing development projects in Bangladesh.

Dr Mahdi Matin, chief executive officer of OMECO, which has a large network of associates in Europe and the rest of the world, has sent a letter to Commerce Minister Tipu Munshi on March 10 showing his company’s eagerness to work in Bangladesh.

“In addition to design, construction and procurement, our company provides the necessary capital for projects through its banks and financial institutions and we view Bangladesh as one of the most promising and rapidly developing countries in the world,” Matin said in the letter.

“In this regard, it is a great honour for us to offer you our opportunities to attract direct investment to your country for specific projects based on EPCF contracts,” he said.

The British company said they will provide 100 percent of the capital required for implementing the projects, but the fund must be guaranteed by a reputed local or foreign bank or covered by a sovereign guarantee.

OMECO said the interest rate for the loans would be a maximum of 2.5 percent, with no additional fees, such as insurance charges. The payback period for the funds will be 20 years including a grace period of 5 years.

“We try to make the most of approved local contractors and suppliers,” it said.

In order to proceed, the CEO of the company said, they need brief information about the projects and some documents confirming that these projects are supported by a bank or sovereign guarantee.

“We are ready to consider any applications from your government for any amount that is required for your country,” said Matin in the letter.

In the letter, OMECO has authorised three names, two are Bangladeshis and one Sri Lankan,  for negotiations on probable projects.

One of those is Borhan Uddin, CEO of Dhaka-based International Business and Management. The Business Insider Bangladesh reached him for his comment on the OMECO’s letter.

“We hope there will be a meeting with the commerce minister at the end of this month,” Uddin said.

On OMECO, he said it works as EPCF (Engineering, Procurement, Construction and Financing) contractor and has access to funds in London, Europe and the Far East.