Logo

IFC partners with Agricultural Bank of Egypt to promote farmers’ switch to solar irrigation systems

IFC, a member of the World Bank Group, and the Agricultural Bank of Egypt (ABE) have partnered to help Egyptian farmers access financing to purchase solar irrigation systems, reduce their dependence on diesel-powered generators and boost their productivity

solar panel 241903 640The partnership is part of IFC’s broader advisory work to strengthen Egypt’s clean technology sector. (Image source: teresa cotrim/Pixabay)

Through the partnership, IFC will help ABE build capacity and design new financial products to enable Egyptian farmers, most of whom do not have direct access to grid electricity, to purchase and instal solar irrigation pumps. Using solar power to pump water could potentially save farmers an estimated 14 billion Egyptian pounds (US$875mn) per year in diesel fuel costs, helping to reduce greenhouse gas emissions.

ABE serves four million farmers in Egypt and is one of the country’s largest banks.

Sami Abdel Sadek, deputy chairman of the Agricultural Bank of Egypt, said, “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 the country’s 2030 strategy to encourage agricultural investments and rationalise the use of resources, including energy, in the sector.”

Walid Labadi, IFC country manager for Egypt, Libya, and Yemen, said, “Our partnership with ABE will help provide clean energy to farmers at an affordable cost, while helping reduce greenhouse gas emissions. Supporting the development of renewable energy and expanding access to finance are priorities for IFC in Egypt.”

The partnership is part of IFC’s wider advisory work to strengthen Egypt’s clean technology sector and support entrepreneurship in the country.


LATEST NEWS IN Water & Irrigation

Rivulis opens new factory in Manzares

Rivulis opens new factory in Manzares

Rivulis, a global leader in micro irrigation solutions, has announced the opening of its new state-of-the-art factory in Manzanares, Spain

Irrigating Africa optimally

Irrigating Africa optimally

Progressive farmers have begun to adopt modern techniques such as precision irrigation that do not rely on rain. In an exclusive interview with Tulana Nayak from African Farming, Elad Levi,...

FAO backs management of empty pesticide packaging in West Africa

FAO backs management of empty pesticide …

The GCP/INT/147/GEF Project, funded by the Global Environment Facility (GEF) and coordinated by FAO, has targeted Senegal’s Missirah to manage existing packaging and put in place a mechanism for sustainable...

Critical to pair tree-planting drives with water-wise technologies: Dake Rechsand

Critical to pair tree-planting drives wi…

In the backdrop of increasing tree-planting drives across the MENA region, Dake Rechsand, a company that specialises in sustainable solutions for water conservation and desert farming, has stressed the need...

Boosting commercialisation of water stress management solutions for field crops

Boosting commercialisation of water stre…

Agri-biotech company Elicit Plant closed its financing round to accelerate the development of its water stress management solution in agriculture, with support from the European Circular Bioeconomy Fund (ECBF)

Rivulis offers free crop monitoring and irrigation detection service to its customer growers

Rivulis offers free crop monitoring and …

Rivulis, a global innovator micro-irrigation solutions innovator, has provided a free service to its customer growers for monitoring crops and detecting irrigation issues with satellite imagery

Prev Next

OTHER RELATED ARTICLES - Water & Irrigation

World Bank provides US$200mn to strengthen irrigation in Logone River Valley

World Bank provides US$200mn to strength…

The World Bank has approved a credit on 30 November 2021 from the International Development Association (IDA) in the amount of US$200mn to support Cameroon’s agricultural production in the Valley of Logone,...

Chinese firm to invest US$200mn in Zimbabwe irrigation

Chinese firm to invest US$200mn in Zimba…

China CAMC Engineering has announced plans to revive operations at Arda Mushumbi Pools Estate with a US$200mn investment

Malawi begins solar-powered irrigation

Malawi begins solar-powered irrigation

Malawi has begun solar-powered irrigation in arable land expanses along the Lake Malawi

An agricultural flocculant improves water management in drip irrigation

An agricultural flocculant improves wate…

As natural resource, water is increasingly becoming more precious, especially in agriculture. Improving water usage efficiency in irrigated systems is an important objective

DJI introduces AGRAS T20 drone for precision agriculture spraying

DJI introduces AGRAS T20 drone for preci…

Drone and camera technology company DJI has launched an agriculture drone, the DJI AGRAS T20

Valmont to acquire agricultural artificial intelligence and machine learning specialist

Valmont to acquire agricultural artifici…

Valmont Industries, a provider of engineered products and services for infrastructure and irrigation equipment and services for agriculture, has entered into a definitive agreement to acquire Prospera Technologies, a leading...

AfDB approves US$21.783mn to scale up solar-powered irrigation in Sudan

AfDB approves US$21.783mn to scale up so…

The African Development Bank’s (AfDB) has approved a grant to the government of Sudan to accelerate the adoption of solar-powered irrigation pumps in the country’s West Kordofan and North Kordofan...

Rivulis opens new factory in Manzares

Rivulis opens new factory in Manzares

Rivulis, a global leader in micro irrigation solutions, has announced the opening of its new state-of-the-art factory in Manzanares, Spain

Rotating debris out of irrigation water

Rotating debris out of irrigation water

As with many other farmers, Bob Wietharn had a real problem. He irrigated from a river so shallow that he could usually wade across it, but the nozzles of his...

Irrigation project to come up in Rwandan province

Irrigation project to come up in Rwandan…

The government of Rwanda and Howard G Buffett Foundation have signed a US$24mn partnership deal to fund the development of irrigation infrastructure in Kirehe district in the country’s Eastern Province

KickStart pump to boost Africa's irrigation capacity

KickStart pump to boost Africa's irrigat…

How can Africa break out of its dependence upon subsistence farming?

Global demand for Africa’s land affecting local water cost

Global demand for Africa’s land affectin…

Informal irrigation arrangements used by local Malawian farmers’ groups have been far more successful than top-down projects piloted by development agencies at improving farmers’ livelihoods, and have increased the amount...

Prev Next

Template Design © Joomla Templates | GavickPro. All rights reserved.