KE, Engro Energy, Akhuwat sign MoU to provide loans to small businesses

Staff Reporter BOL News

08th Oct, 2021. 05:56 pm

KARACHI: The K-Electric, Engro Energy and Akhuwat Islamic Financing (AIM) has signed a memorandum of understanding (MoU) at the National Electric Power Regulatory Authority (Nepra) headquarters, to provide interest-free (Qarz-e-Hasna) loans to the small businesses and households for the installation of photovoltaic systems, a statement said.

The signing ceremony was presided over by Nepra chairman Tauseef H Farooqi, in which the three companies signed the MoU.

According to the agreement, KE and Engro Energy will donate a cumulative revolving grant of Rs15 million to Akhuwat, which will create a dedicated credit pool for the loan borrowers.

The loan duration will be up to 36 months with a minimum loan size of Rs20,000 with no interest rate for the sole purpose of installing systems required for the solar energy.

Nepra in a statement noted that to give underprivileged communities access to power and reduce energy starvation in the country, the company brought together three of the biggest companies to collaborate in a drive to provide access to energy in an affordable manner for homeowners and small businesses.

This MoU signing came under the CSR drive “Power with Prosperity” launched by the Nepra chairman earlier this year to initiate mega CSR projects for the betterment of the underprivileged communities of the country.

Of all the power mix in the country, solar power makes less than 2 per cent. Pakistan’s energy is a mixture of 64 per cent fossil fuels, 27 per cent hydropower and 9 per cent other renewables and nuclear power.

When the world is focusing more on clean and green energy, the government, under the leadership of Prime Minister Imran Khan, is seeking to make more clean and green energy and boost its share of clean energy up to 60 per cent of the total energy produced by 2023.

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