IFC, a member of the World Bank Group, and ALEXBANK, a leading Egyptian private bank, today announced a partnership to help Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity and incomes.
Through the partnership, IFC and ALEXBANK will design new financial products to enable farmers – most of whom may lack direct access to electricity grid – to purchase and install solar powered irrigation pumps.
By using electricity from renewable sources, the fundamentally new technology has the potential to reduce CO2 emissions by as much as 90%. Masdar Commits to Support Ethiopia’s Solar Energy Objectives.
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