Phnom Penh, December 18, 2020 – Nexus for Development, as a Kiva field partner for Agrosolar, raised USD 50,000 through the crowdfunding platform to finance the growing demand for their solar-powered irrigation systems. The company targets 100 systems to be installed in the next 5 months and over 2,600+ farming households to be reached within three years, reducing over 5,000 tCO2e and increasing overall smallholder farmers’ income by USD 1.4 million by 2023.
USD 50,000 raised for Agrosolar to distribute solar irrigation systems to farmers in Myanmar
Renewable Energy for sustainable agriculture
In Myanmar, the limited access to energy is leading 370,000 farming households to use diesel water pumps for irrigation. Dependency on fuel availability and high cost of diesel are leaving the farmers vulnerable, preventing them from irrigating 50% of their land. That reduces substantially their crop yields and income, increasing the risk of food insecurity in a country highly dependent on their own food production.
Agrosolar distributes sustainable and affordable solar-powered irrigation pumps helping farmers to replace their diesel pump, save up to USD $45 per month (30% of their operational costs), double their yields, and increase their income by irrigating more land. The seasonal lease-to-own financing, provided in partnership with an MFI, is based on the farmer’s resources to facilitate the acquisition of the equipment and support financial inclusion.
About Kiva
Kiva is the world’s most popular crowdfunding platform with a mission to alleviate poverty by connecting people through lending. Through crowd-funding, early-stage enterprises are able to tap a broader network of smaller, individual lenders that they otherwise would not have been able to access.
Nexus for Development is a Field Partner of Kiva meaning that we are able to raise loans up to USD 50,000, when direct listings are usually limited to USD 10,000, for social enterprises that would have been ineligible for a listing due to restricted geography.
About Nexus for Development
Nexus for Development is an international not-for-profit organization founded on the principles of sustainable development. We drive access to finance in developing economies across Asia to increase sustainable energy and water resource development, advance low-carbon solutions, and scale local implementers.
For more information please contact: contact@nexusfordevelopment.org