The International Finance Corporation has estimated that using solar-powered pumps could save farmers up to $875m annually in diesel fuel costs as well as help reduce greenhouse gas emissions.
The IFC said this in a statement on Tuesday while announcing a partnership deal with ALEXBANK, an Egyptian private bank.
The statement read, “An estimated one million diesel-powered pumps across Egypt could potentially be replaced by solar.
“IFC estimates that using solar-powered pumps could save farmers up to 14 billion Egyptian pounds ($875m) annually in diesel fuel costs, helping reduce greenhouse gas emissions.”
The pact is expected to help Egyptian farmers to access finance to purchase solar irrigation systems, reduce reliance on diesel-powered generators and boost productivity and incomes, according to the statement.
IFC Country Manager for Egypt, Libya, and Yemen, Walid Labadi, said, “This new partnership with ALEXBANK, our long-term partner, will help the bank build its portfolio in climate financing and will also help boost the adoption of clean technologies in Egypt. Expanding access to finance and supporting the green economy are key focuses of our work in the country.”
Welcoming the partnership, the Managing Director and Chief Executive Officer of ALEXBANK, Dante Campioni, was quoted as saying, “We are proud to partner with IFC to provide Egyptian farmers and entrepreneurs in the agricultural sector tailored financial products, helping them to develop and expand their businesses.”
