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World Bank has announced funding support of USD 1 billion to expand solar power capacity in India.
An agreement has also been signed by it with the International Solar Alliance (ISA), consisting of 121 countries led by India, to collaborate on increasing solar energy use across the world, with a goal of mobilising USD 1 trillion in investments by 2030.
The pact has been signed in the presence of Finance Minister Arun Jaitely, Power Minister Piyush Goyal and visiting World Bank Group President Jim Yong Kim and establishes the multilateral lending agency as the financial partner for ISA.
A statement by World Bank said that it also announced its plan to provide more than USD 1 billion to support India’s ambitious solar initiatives through investments in generation.
