Mahindra Susten to Develop 150 MW Open Access Renewable Power Project

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

Daily News Wrap-Up: REIL Invites Bids for 200,000 Mono PERC Solar Cells

Solar, Storage, Wind Drive 95% of US Interconnection Queues as Backlog Rises

Ahasolar Wins Consultancy Contract for 52 MW Solar Project from BPCL

REIL Invites Bids for 200,000 Mono PERC Solar Cells

Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24

<p>The International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener noreferrer">IFC</a>), a member of the World Bank Group, announced that it has joined hands with the Agriculture Bank of Egpyt (ABE) to help Egyptian farmers access funding to purchase solar irrigation systems.</p>
<p>The partnership will help Egyptian farmers switch to solar irrigation systems and reduce their dependence on diesel-powered generators and boost their productivity.</p>
<p>IFC said farmers could potentially save around 14 billion Egyptian pounds (~$ 875 million) annually in diesel fuel costs by using solar power for water pumping.</p>
<p>&#8220;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,&#8221; said Walid Labadi, IFC Country Manager for Egypt, Libya, and Yemen.</p>
<p>According to its press statement, IFC will help the bank build capacity, and design new financial products for Egyptian farmers to purchase and install solar irrigation pumps as most of them do not have direct access to grid electricity.</p>
<p>&#8220;Expanding the use of solar energy technology among farmers is part of our strategy to support agriculture and rural development in Egypt. It will also contribute to the country&#8217;s 2030 strategy to encourage agricultural investments and rationalize the use of resources, including energy, in the sector,&#8221; said  Sami Abdel Sadek, Deputy Chairman of the Agriculture Bank of Egypt.</p>
<p>IFC said that the partnership is part of its broader advisory work to strengthen clean technology and assist entrepreneurship in Egypt.</p>
<p>Notably, the Indian government has launched KUSUM, a massive program to help solarize the agricultural sector. The government <a href="https://mercomindia.com/kusum-1-75-mn-solar-pumps-solarize-1-mn-water-pumps/" target="_blank" rel="noopener noreferrer">launched</a> the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) in February last year. The objective of this innovative program is to help farmers achieve financial stability and water security.</p>
<p>Mercom recently <a href="https://mercomindia.com/amendments-for-kusum-program-to-scale/" target="_blank" rel="noopener noreferrer">published</a> an article discussing some amendments that are likely to expand the scale and efficiency of the project.</p>
<p>Image credit: <a href="https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=26078" target="_blank" rel="noopener noreferrer">IFC</a></p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
</div></div><div class="clearfix"></div></div></div>

IFC to Help Egyptian Farmers Switch to Solar Irrigation Systems

solar-irrigation-system

Get the most relevant India solar and clean energy news.

RECENT POSTS