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Egyptian farmers to access solar irrigation pumps funding

Egyptian farmers will now purchase solar irrigation pumps easily after International Finance Corporation (IFC) and the Agricultural financial institution of Egypt (ABE) fashioned a partnership to assist the farmers entry financing to purchase the photo voltaic irrigation techniques.
The partnership will help promote Egyptian farmers change to Solar Irrigation Systems decreasing their reliance on diesel-powered turbines and boosting their productiveness.
According to IFC, utilizing solar energy for water pumping may probably save farmers an estimated US $875 million annually in diesel fuel prices, serving to cut back greenhouse gas.
ABE, one of the country’s largest banks in Egypt, will construct capability and design new financial merchandise to allow Egyptian farmers—most of whom lack direct entry to grid electricity—to purchase and install photo voltaic irrigation pumps.
ABE Deputy Chairman – Sami Abdel Sadek, said, “Expanding the usage of solar energy technology among farmers is a half of our technique to support agricultural and rural growth in Egypt. It may even contribute to the country’s 2030 strategy to encourage agricultural investments and rationalize using sources, including energy, in the sector.”

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Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen, added that the partnership with ABE will help provide clear power to farmers at an reasonably priced cost, while helping scale back greenhouse gas emissions. Supporting the event of renewable power and increasing entry to finance are priorities for IFC in Egypt.
The partnership is part of IFC’s broader advisory work to strengthen Egypt’s clear technology sector and help entrepreneurship within the country.
Under the Cleantech Entrepreneurship and Market Development Project, IFC helps choose monetary institutions construct their capability to offer financing amenities for off-grid photovoltaic (PV) systems within the agribusiness sector. The project is being applied in partnership with the governments of Denmark, South Korea, and the Netherlands.
IFC—a member of the World Bank Group—is the largest global development institution centered on the personal sector in rising markets while ABE’s primary objective is to assist in the develope Egypt’s agricultural sector.
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