Financing solar irrigation pumps is a service tailored for farmers without any interests, and the pumps are provided to farmers in accordance with the nature and specifications of their wells.
The project of solar pumps is considered as an investment project for the Yemeni farmer, as the period of repayments of the purchased pumps reached to two years only compared to the high costs and payments of diesel for ordinary pumps.
- Procedures of financing are Simple and fast.
- Guarantees of financing are simplified.
- Saving the amount of diesel and oil paid for ordinary pumps.
- Saving the amount of periodic maintenance of the engine.
- Getting the finance without any interests.
Terms and documents required to obtain the service:
- The customer should maintain an account with CAC Bank.
- Providing the original identity copy (a valid electronic card or passport).
- Fill in the application form by visiting any CAC Bank Branch or office.
- The customer has to farm one or some of the essential relative crops and never grow Qat.
- The customer should be able to bear at least (30%) of the pump’s value.
- The customer should not have failed in payment of any past debts to any other banking or financial entity.
- The depth of the well shall not exceed 300 meters and the customer shall use modern irrigation systems (drip).
- Providing a feasibility study for the project in cooperation with the bank, and a price offer for the required pumps.
- The ability to bring sufficient guarantees and the customer has the ownership document of the agriculture land.
- Banking tariffs for financing is 8% per annum.