IFC cooperates with Egypt in strengthening clean tech start-ups, enabling farmers to switch to solar – Egypttoday

IFC cooperates with Egypt in strengthening clean tech start-ups, enabling farmers to switch to solar – Egypttoday

IFC logo- Photo courtesy of IFC website





CAIRO - 14 July 2020: International Finance Corporation (IFC) announced Tuesday joining forces with the National Bank of Egypt and the Micro, Small and Medium Enterprise Development Agency (MSMEDA) to strengthen the clean technology entrepreneurship sector and boost Egyptian farmers' access to finance for solar irrigation. 

According to IFC, start-ups make up the bulk of players in the photovoltaic (PV) solar water pumping market in Egypt but are currently unable to scale up because of a lack of payment and finance options for customers, and a limited understanding of the sector. 

"IFC's specialized team will deliver technical assistance to four financial institutions, including the National Bank of Egypt, and MSMEDA to help develop a financial product for farmers to be able to afford purchase the pumps and assist with its piloting and roll out,“ it clarified.

Around 960,000 diesel-powered water pumps are currently used for irrigation across Egypt, at a cost of about $250 million annually for the diesel. Replacing the pumps with PV systems would save farmers money in fuel and maintenance and help create a cleaner environment, IFC clarified.

"Through our partnership with IFC, MSMEDA will deepen its understanding of