IDCOL to Finance Solar Irrigation Projects of Gazi Renewable Energy Company Ltd.
Infrastructure Development Company Limited (IDCOL) signed Financing Agreement with Gazi Renewable Energy Company Limited (GREL) on 8 December 2016 for setting up one hundred and eighty six (186) solar irrigation pumps at different districts of the country. Under the Project, GREL will install one hundred & thirty four pumps in Birganj upazila, six pumps in Kaharole upazila, four pumps in Khanshama upazila of Dinajpur district, forty two pumps in Badarganj upazilla of Rangpur district and will procure and operate nine (9) tractors and nine (9) trailers for providing tillage and carrying services in the project sites. Total cost of the project is BDT 49.25 crore. IDCOL will provide BDT 17.89 crore as loan and BDT 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.
Mr. Mahmood Malik, Executive Director & CEO, IDCOL and Mr. Badrul Alam Khan, Director, GREL along with other officials from respective organizations are seen in the picture.