The EU has allocated € 45.9 million to the EBRD’s Green Energy Financing Facility in Egypt and Morocco. The facility will allow local banks to allocate finance to companies wishing to use renewable energy and energy efficiency.
The European Union has just awarded a € 45.9 million grant to support the action of the European Bank for Reconstruction and Development in Egypt and Morocco. The grant will go to the Green Energy Financing Facility (GEFF) set up by the bank in the two countries.
This facility is dedicated to investments in the areas of renewable energy and energy efficiency in the form of loans to local businesses through local financial institutions.
Egypt will receive funding of € 24.8 million and the remaining € 21.1 million will go to Morocco.
With this sum, the Egyptian and Moroccan financial institutions involved in the GEFF will allow local businesses in the two countries to invest in clean energy technologies. They will thus be able to reduce the costs of climate adaptation measures, adopt renewable energy and energy efficiency technologies while improving their competitiveness.
Source: Agence Ecofin