LOLC to facilitate renewable energy projects

LOLC signed a participation agreement with the Government to take part in the Renewable Energy for Rural Economic Development (RERED) project, a spokesman for the company said.

Under this agreement LOLC will finance grid connected renewable energy projects, off-grid community based renewable energy projects and solar home systems. LOLC is the only non-banking PCI selected for this Financing Scheme.

The Development Finance Unit of LOLC has been taking part in development finance credit schemes that promotes economic development and sustainable growth in the country for many years.

The company ventured into the Development Finance sector in late 90s and so far they have participated in the Tea Development Project (TDP), Plantation Development Project (PDP), Second Perennial Crop Development Project (SPCDP) and Construction Sector Development Project (CSDP).

Apart from the RERED project, LOLC participates in the E-Friends II credit scheme, EIB Post Tsunami Credit Lines and Poverty Alleviation Micro-finance Project II. While promoting economic development, these projects are aimed at uplifting the socio-economic standard of the people who are directly and indirectly connected to these sectors.

He said this attests the recognition and stability of LOLC as a financial institution and its commitment to take part in projects of this nature to assist sustainable development.