EBRD, EU to provide Egypt with €24.8 mln to support green investments

EBRD, EU to provide Egypt with €24.8 mln to support green investments

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) announced on Sunday that they are stepping up their support for green investments and climate resilience in Egypt, Morocco and the countries of the Eastern Partnership including Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.

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, the EBRD said.

The EU is providing a total of €61.3 million in grants to support three EBRD programs 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, the EBRD said.

Climate finance is a crucial instrument for green investments to increase the use of renewable energy and to build a low-carbon future, especially at a time when the COVID-19 pandemic and the drop in fossil fuel prices threaten climate action progress, according to the EBRD.

The EBRD and the EU, via Team Europe, are committed to accelerating a green recovery in the countries where they work