IFC, Agricultural Bank of Egypt partner to promote farmers’ switch to solar irrigation systems

SourceEgypt Today
SectorFinancial Services

IFC logo- Photo courtesy of IFC website CAIRO - 19 November 2020: International Finance Corporation (IFC) and the Agricultural bank of Egypt (ABE) announced Thursday a partnership to help of Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity.   Using solar power for water pumping could potentially save farmers an estimated LE 14 billion ($875 million) annually in diesel fuel costs, helping reduce greenhouse gas, according to IFC.     IFC clarified that through the partnership, it 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.    “ABE serves 4 million farmers in Egypt and is one of the country's largest banks,” it added.   "Expanding the use of solar energy technology among farmers is part of our strategy to support agricultural and rural development in Egypt. It will also contribute to ...read more...