- Published: 01 July 2020 01 July 2020
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco and the countries of the Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine).
The EU is providing a total of €61.3 million in grants to support three EBRD programmes helping businesses invest in energy efficiency, cut their carbon footprint, introduce innovative green technologies, support the circular economy and improve legal frameworks for energy and resource efficiency investments.
In Egypt, a €24.8 million grant from the EU will support the EBRD’s Green Energy Financing Facility (GEFF), which focuses on supporting energy-efficient and renewable energy investments through local financial institutions for lending on to private companies.
Similarly, in Morocco, GEFF will benefit from a €21.1 million EU grant that will allow local businesses to invest in green technologies. Beneficiaries will reduce their costs by implementing climate adaptation measures, energy-efficient and renewable-energy technologies.
In the Eastern Partnership region, €15.4 million from the EU4Climate initiative will be channelled through the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) programme to corporate sector clients via investment grants, technical assistance and the offer of climate innovation vouchers, which are expected to accelerate the adoption of innovative climate technologies and sustainable business practices.