The Ministry of External Affairs, Government of India has set aside $2 billion for solar projects out of the Government’s $10 billion concessional Line of Credit for Africa (LOC), to boost the continent’s energy needs.
This was made known by the ministry today, at the African Development Bank (AFDB) Annual General Meeting Exhibition inauguration at Mahatma Mandir, Gandhinagar. The ministry stated that the LOC will be extended to all African countries that have signed and ratified the International Solar Alliance (ISA) Framework Agreement.
Launched at the UN Climate Change Conference in Paris on 30 November 2015 by Hon. Prime Minister Narendra Modi and French President Francois Hollande, the ISA is conceived as a coalition of solar resource rich countries to address their special energy needs and will provide a platform to collaborate on addressing the identified gaps through a common, agreed approach.
Prime Minister of India stated that the ISA is a potent tool for mutual cooperation among the member countries for mutual gains through enhancing solar energy utilisation.
The recurring expenditure on ISA will be met from voluntary contributions from member countries, bilateral and multilateral agencies; other appropriate institutions; and from interest earned from the augmented corpus to be built up.
In addition to contribution for creating ISA corpus fund, Government of India has offered training support for ISA member countries at National Institute for Solar Energy (NISE) and also support for demonstration projects for solar home lighting, solar pumps for farmers and for other solar applications.
A total of 25 countries signed the ISA Framework Agreement in Marrakech on 15 November 2016.