CAIRO -16 March 2021: International Finance Corporation (IFC) entered into a partnership with Egypt’s ALEXBANK to help Egyptian farmers access financing to purchase solar irrigation systems, reducing their reliance on diesel-powered generators and boosting their productivity and incomes. IFC noted that through the partnership, both parties 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. “An estimated one million diesel-powered pumps across Egypt could potentially be replaced by solar,” IFC added. As one of the key players in the Egyptian banking sector, ALEXBANK realizes the importance of supporting the development of this vital sector," Managing Director and CEO of ALEXBANK, Dante Campioni, said. "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.

Source: Libya Today March 16, 2021 15:11 UTC