Dhaka, Bangladesh (BBN)- Citi Foundation, the philanthropic arm of Citigroup, has launched a renewable energy project, ‘Citi Solar Project for Rural Micro-enterprises’.
Citibank, in collaboration with the Association of Underprivileged People (AUP), will manage the project, the first of its kind in Bangladesh, the US–based bank said in a statement.
Green Housing & Energy Limited (GHEL) will provide installation training and supply solar panels.
The project will enable both rural household and marketplace micro-enterprises to access solar power to reduce their operating costs, increase their income and improve their livelihoods, it added.
As a pilot project, the Citi Foundation grant of $40,000 will be used to subsidize interest-free, zero down-payment micro-loans to 510 rural micro-enterprises. AUP will be offering low-cost solar power systems to the low-income segment of the population in the Matlab, Chandpur region who do not have access to the national electricity grid.
BBN/SSR/AD-31Jan12-1:12 am(BST)
