Egyptian farmers to access solar irrigation pumps funding

Egyptian farmers will now acquire solar irrigation pumps easily after International Finance Corporation (IFC) and the Agricultural financial institution of Egypt (ABE) shaped a partnership to help the farmers access financing to purchase the photo voltaic irrigation methods.
The partnership will assist promote Egyptian farmers swap to Solar Irrigation Systems lowering their reliance on diesel-powered generators and boosting their productivity.
According to IFC, utilizing solar power for water pumping could probably save farmers an estimated US $875 million yearly in diesel gasoline prices, helping reduce greenhouse fuel.
ABE, one of the country’s largest banks in Egypt, will build capacity and design new financial products to enable 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, mentioned, “Expanding the usage of photo voltaic vitality technology amongst farmers is a half of our technique to assist agricultural and rural growth in Egypt. It will also contribute to the country’s 2030 strategy to encourage agricultural investments and rationalize the usage of resources, including power, in the sector.”
READ: Ugandan farmers urged to use photo voltaic water pumps in agriculture
Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen, added that the partnership with ABE will help provide clean energy to farmers at an reasonably priced price, while serving to cut back greenhouse gasoline emissions. Supporting the development of renewable vitality and expanding access to finance are priorities for IFC in Egypt.
The partnership is part of IFC’s broader advisory work to strengthen Egypt’s clean know-how sector and support entrepreneurship in the country.
Under the Cleantech Entrepreneurship and Market Development Project, IFC is helping select monetary institutions build their capability to supply financing amenities for off-grid photovoltaic (PV) techniques in the agribusiness sector. The venture is being implemented in partnership with the governments of Denmark, South Korea, and the Netherlands.
IFC— Expert of the World Bank Group—is the biggest international improvement institution focused on the non-public sector in emerging markets while ABE’s primary objective is to help in the develope Egypt’s agricultural sector.
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