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IDCOL to finance solar irrigation projects of Gazi Renewable Energy Company

Infrastructure Development Company Limited (IDCOL) has recently signed financing agreement with Gazi Renewable Energy Company Limited (GREL) for setting up one hundred and eighty six solar irrigation pumps at different districts of the country.

Under the Project, GREL will install one hundred and thirty four pumps in Birganjupazila, six pumps in Kaharoleupazila, four pumps in Khanshamaupazila of Dinajpur district, forty two pumps in Badarganjupazilla of Rangpur districtand will procure and operate nine tractors and nine trailers for providing tillage and carrying services in the project sites.

Total cost of the project is Tk 49.25 crore. IDCOL will provide Tk 17.89 crore as loan and Tk 23.91 crore as grant under the project.

The fund for loan and grant will be sourced from Japan International Cooperation Agency (JICA) and BCCRF fund managed by The World Bank.

IDCOL has a target of financing 1,500 solar irrigation pumps by 2018 and 50,000 by 2025 to replace diesel operated pumps in rural Bangladesh.

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