NBE, IFC ink cooperation agreement on funding solar-powered water pumps

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Tue, 07 Jul 2020 - 03:44 GMT

FILE - A branch of NBE

FILE - A branch of NBE

CAIRO - 7 July 2020: The National Bank of Egypt (NBE) and the International Finance Corporation (IFC) signed on Tuesday a cooperation agreement on funding solar-powered water pumps. 


NBE Chairman Hisham Okasha said the deal shows that the bank is keen on supporting Egypt Vision 2030 and its plans to expand in the sustainable development projects, noting the bank sees the importance of maximizing the use of renewable energy resources. 

Okasha pointed out that the agreement is the first of its kind between NBE and IFC. 

Meanwhile, IFC's Country Manager for Egypt Walid Labadi said the corporation aims to benefit from the solar energy in the Egyptian agricultural ventures in many ways.

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