India gets 1 billion loan from world bank for solar projects

World Bank signed an agreement with the International Solar Alliance (ISA) consisting of 121 countries, led by India. This is the largest financing of a solar-related projects in any country. It has shelled out $1 billion in support.These World Bank-supported projects include solar rooftop technology, infrastructure for solar parks, bringing innovative solar and hybrid technologies to market and transmission lines for solar-rich states.

The agreement was signed for India by Arun Jaitley and Piyush Goyal, the minister of finance and coal, power & renewable energy, respectively, and World Bank Group President Jim Yong Kim.

The World Bank Group will now implement a strategy that will catalyse financing for development and distribution of affordable solar energy, and work with other multilateral development banks and financial institutions to develop the necessary financial mechanisms this regard.