The European Investment Bank (EIB) is planning an additional €25m for the Green for Growth Fund to help finance renewable energy and energy efficiency projects in North Africa and the Middle East.
The money would be on top of the €50m provided by the bank over the last years for the €410m fund.
The new funding, which was approved earlier this week by the EIB’s board of directors, is expected to be finalised by the end of the year.
The money will target projects in Egypt, Jordan, Lebanon, Morocco, the Palestinian Territories and Tunisia.
The fund provides dedicated credit lines to local financial and non-financial intermediaries, including commercial banks and microfinance institutions, for investment in renewable energy and energy efficiency projects developed with local partners.
It is backed by EIB and co-initiator KfW, along with the European Bank for Reconstruction and Development, International Finance Corp, Dutch development bank FMO, the German Ministry of Economic Cooperation and the European Commission.
The fund has until now focussed on projects in south-east Europe, Ukraine, Moldova, Turkey, Armenia and Azerbaijan.
EIB vice president Jonathan Taylor said: “Unlocking new investment in renewable energy and energy efficiency is a global challenge and the Green for Growth Fund has an impressive track record that has already enabled more sustainable energy use in southeast Europe and the European eastern neighbourhood.”
Image: Morgue File
EIB boosts green growth
Bank to add €25m for fund targeting renewables in Mid East and North Africa
By EBS