Palli Karma-Sahayak Foundation (PKSF) has signed a Tk 500 crore agreement with the Finance Division of the Ministry of Finance to expand the use of solar power across Bangladesh.
Nazneen Sultana, joint secretary of the Finance Division, and AKM Nuruzzaman, senior general manager of PKSF, signed the agreement at a ceremony held in Dhaka on Tuesday, according to a press release.
Under the initiative, PKSF will extend loans to end users at an interest rate of 6 percent through its partner organisations.
To this end, PKSF has launched a specialised Renewable Energy Financing Programme to facilitate financing for solar power installations and accelerate the adoption of renewable energy across the country.
The initiative is expected to strengthen Bangladesh’s energy security by diversifying energy sources and promoting wider access to clean, renewable power, the release added.
It will also contribute to environmentally sustainable energy solutions, reduce reliance on conventional power sources and encourage greater private-sector participation in the country’s transition towards sustainable development.