PKSF to invest Tk7,245cr in microenterprises, solar power

Palli Karma-Sahayak Foundation (PKSF) has taken an initiative to provide a total of Tk7,245 crore in financing to expand renewable energy use, foster new entrepreneurship in the cottage and microenterprise sectors.

Of this amount, Tk500 crore will be allocated to expansion of rooftop solar power, said a press release.

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

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

At the meeting, the Board approved Tk5,000 crore in Bangladesh Bank-financed loans to support the creation of new entrepreneurs in the cottage and microenterprise sectors.

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The financing will support technology-driven agriculture and agro-processing, manufacturing, services and various value-chain-based activities at the grassroots level. The initiative aims to harness the skills and productive capacity of low-income communities to create new entrepreneurs and expand employment opportunities.

In addition, PKSF has launched a specialised financing programme, backed by a Tk500 crore government allocation, to expand rooftop solar power generation. Under the programme, the Board approved a specialised lending policy titled “Shouro Shokti” to provide loans to customers through partner organisations at an interest rate of 6%.

The Board also approved nearly Tk2,000 crore in loans for PKSF’s partner organisations to support cluster-based microenterprises, general services, the ultra-poor, agriculture and other sectors.