PKSF to finance expansion of rooftop solar to tune of Tk 500cr

The Palli Karma-Sahayak Foundation (PKSF) has taken an initiative to provide a total of Tk 7,245 crore in financing to expand renewable energy use and create new entrepreneurs in cottage and microenterprise sectors.

Of the total financing, Tk 500 crore will be allocated for expanding rooftop solar power generation, while Tk 5,000 crore will be provided through Bangladesh Bank-financed loans to support new entrepreneurs in cottage and microenterprises.

The decisions were taken at a meeting of the PKSF Board of Directors held at PKSF Bhaban-1 on Sunday.

PKSF Chairman Zakir Ahmed Khan chaired the meeting, attended by Managing Director Md Fazlul Kader and other board members.

The Tk 5,000 crore financing programme will support technology-driven agriculture and agro-processing, manufacturing, services and various value-chain-based activities at the grassroots level.

According to PKSF, the initiative will seek to utilise the skills and productive capacity of low-income communities to create new entrepreneurs and expand employment opportunities.

The Board also approved a specialised financing programme, backed by a Tk 500 crore government allocation, to promote rooftop solar power generation.

Under the programme, the Board approved a specialised lending policy titled ‘Shouro Shokti’, under which loans will be provided to customers through PKSF’s partner organisations at an interest rate of 6 percent.

The programme is aimed at expanding the use of rooftop solar power by making financing available to customers through the foundation’s network of partner organisations.

In addition, the Board approved nearly Tk 2,000 crore in loans for PKSF’s partner organisations to support cluster-based microenterprises, general services, the ultra-poor, agriculture and other sectors.

The financing initiatives form part of PKSF’s efforts to expand access to finance for low-income people and small businesses while supporting renewable energy use and employment-generating economic activities. -UNB