The European Bank for Reconstruction and Development (EBRD) and the European Union are stepping up their support for green investments and climate resilience in Egypt, Morocco and the countries of the Eastern Partnership.
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, thus also improving their overall competitiveness.
The EBRD is a pioneer in financing projects that promote renewable energy and combat climate change. To date, the EBRD has signed €34 billion in green investments, financed more than 1,900 green projects and reduced over 102 million tonnes of carbon dioxide emissions.