IFC to promote farmers’ switch to solar irrigation systems in Egypt
Post date: 20/11/2020 - 12:48
The International Finance Corporation (IFC), private investment sector arm of the World Bank Group, and the Agricultural bank of Egypt (ABE) announced a partnership to help Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity. Through the partnership, IFC will help ABE build capacity and design new financial products to enable Egyptian farmers - most of whom lack direct access to grid electricity - to purchase and install solar irrigation pumps. Using solar power for water pumping could potentially save farmers an estimated 14 billion Egyptian pounds ($875 million) annually in diesel fuel costs, helping reduce greenhouse gas.
Under the Cleantech Entrepreneurship and Market Development Project, IFC is helping select financial institutions build their capacity to offer financing facilities for off-grid photovoltaic systems in the agribusiness sector. The project is being implemented in partnership with the governments of Denmark, South Korea, and the Netherlands.