Egyptian farmers to access photo voltaic irrigation pumps funding

Egyptian farmers will now purchase solar irrigation pumps simply after International Finance Corporation (IFC) and the Agricultural bank of Egypt (ABE) formed a partnership to help the farmers access financing to buy the photo voltaic irrigation methods.
The partnership will assist promote Egyptian farmers switch to Solar Irrigation Systems reducing their reliance on diesel-powered generators and boosting their productiveness.
According to IFC, utilizing solar power for water pumping may probably save farmers an estimated US $875 million yearly in diesel gas prices, serving to reduce greenhouse gasoline.
ABE, one of many country’s largest banks in Egypt, will construct capacity and design new monetary products to allow Egyptian farmers—most of whom lack direct access to grid electricity—to purchase and set up solar irrigation pumps.
ABE Deputy Chairman – Sami Abdel Sadek, said, “Expanding using solar energy technology among farmers is a half of our strategy to assist agricultural and rural growth in Egypt. Lifetime may even contribute to the country’s 2030 strategy to encourage agricultural investments and rationalize the use of sources, together with power, in the sector.”
READ: Ugandan farmers urged to make use of photo voltaic water pumps in agriculture
Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen, added that the partnership with ABE will assist provide clean energy to farmers at an affordable cost, whereas serving to scale back greenhouse gas emissions. Supporting the development of renewable energy and increasing access to finance are priorities for IFC in Egypt.
The partnership is a half of IFC’s broader advisory work to strengthen Egypt’s clean technology sector and assist entrepreneurship in the country.
Under the Cleantech Entrepreneurship and Market Development Project, IFC helps select financial institutions build their capacity to offer financing facilities for off-grid photovoltaic (PV) systems within the agribusiness sector. The venture is being implemented in partnership with the governments of Denmark, South Korea, and the Netherlands.
IFC—a member of the World Bank Group—is the biggest international development institution centered on the private sector in emerging markets whereas ABE’s major objective is to assist in the develope Egypt’s agricultural sector.
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