Infrastructure Development Company Limited (IDCOL) has signed Financing Agreement with Gazi Renewable Energy Company Limited (GREL) on 8 December 2016 for setting up 186 solar irrigation pumps at different districts of the country.
Under the Project, GREL aims to install 134 pumps in Birganj Upazila, 6 pumps in Kaharole Upazila, 4 pumps in Khanshama Upazila of Dinajpur district, 42 pumps in Badarganj Upazila of Rangpur district.
This project will procure and operate 9 tractors and 9 trailers for providing tillage and carrying services in the project sites.
The 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 a grant for 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 an ultimate goal 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 were present at the agreement signing ceremony.
Since 2012, 358 solar-based irrigation pumps have been installed to water crop on over 23,000 bighas of land under the close observation of Infrastructure Development Company Ltd.
IDCOL, a state-run financial organisation, provides grants to set up irrigation schemes run by renewable sources with a view to reducing dependency on diesel.