DHAKA: The World Bank’s International Development Association (IDA), its soft loan wing, pledged to provide $78.4 million loan to the government to add 480,000 solar home systems.

Government signs deal to develop its Rural Electrification and Renewable Energy Development II project aiming to install solar home systems.

The Rural Electrification and Renewable Energy Development II (RERED II) project is charged with bringing clean and reliable power to thousands of Bangladeshis without grid access to electricity.

The solar home system (SHS) project will be implemented as a public-private partnership and will install 7,000 solar PV systems in homes across the country every month – making it the fastest-growing SHS project in the world.

Via the World Bank’s support, Bangladesh already has an estimated three million solar home systems installed, which is merely a drop in the ocean when tackling the 58 per cent of the population that do not have access to grid-connected electricity, reports eco-business.com

“Together, the government of Bangladesh and the World Bank is scaling up a program that delivered development results for millions of rural Bangladeshis,” said acting head of World Bank Bangladesh, Christine E. Kimes. “This is a proven model that works. Investing in electricity in rural areas empowers both men and women, leading to increased income and growth opportunities, and reducing poverty.”

BDST: 1348 HRS, JUL 06 , 2014