EU grants €24.8m for EBRD’s Green Energy Financing Facility in Egypt

EU grants €24.8m for EBRD’s Green Energy Financing Facility in Egypt

The European Union (EU) has provided a €24.8m grant to support the European Bank for Reconstruction and Development's ( EBRD) Green Energy Financing Facility (GEFF) in Egypt.

The facility focuses on supporting energy efficiency and renewable energy investments in the form of private company loans through local financial institutions.

The EBRD and EU are stepping up their support for green investments and climate resilience in Egypt, Morocco, and the Eastern Partnership countries of Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine.

The EU will provide a total of €61.3m in grants to support three EBRD programmes that look to helping businesses invest in energy efficiency, cut their carbon footprint, and introduce innovative green technologies. The funding will also go to supporting the circular economy and improving the legal frameworks for energy and resource efficiency investments.

Climate finance is a crucial part of green investments. It increases the use of renewable energy and build a low-carbon future. The importance of the shift in energy investments comes at a time when the novel coronavirus (COVID-19) pandemic and the drop in fossil fuel prices threaten the progress of climate action. The EBRD and the EU via Team Europe are committed to accelerating a green recovery in the countries where they work together.

In Morocco, the GEFF will benefit