IDCOL to finance solar irrigation in 3 regions

The Infrastructure Development Company Limited (IDCOL) has signed a Financing Agreement with Solargao Ltd. for 16 solar irrigation projects to be located in Jessore, Jhenaidah and Magura districts.
The cost of the project is TK 836 million (8.36 crore), of which IDCOL will provide 40 per cent as soft loan and 40 per cent as grant. IDCOL has received fund for financing such projects from the World Bank, DFID, JICA, kfW, ADB and USAID.
The project will supply electricity for operating 16 solar irrigation pumps, which would cover a total of 4,740 bighas of land per year, the IDCOL said in a statement.
The proposed project will ensure uninterrupted supply of grid quality electricity to the farmers of area during day-time at rates much lower than the existing irrigation charges of the diesel pumps.
This is expected to significantly increase the income of the local people in the local areas.
The electricity would also be used for providing additional facilities such as rice husking and grinding to the farmers.
IDCOL, a government-owned non-bank institution, has planned to finance 1,550 solar irrigation pumps by 2017.