USAID spearheads launch of first Solar & Renewable Energy Fund to combat energy crisis

USAID spearheads launch of first Solar & Renewable Energy Fund to combat energy crisis

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2023-03-17 | 06:22

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USAID spearheads launch of first Solar & Renewable Energy Fund to combat energy crisis

The United States Agency for International Development (USAID), launched the first-of-its-kind Solar & Renewable Energy Fund in Lebanon. The fund aims to provide much-needed financial support to local businesses that have been struggling in the current economic crisis and help them adopt sustainable energy sources.

The launch event was attended by a number of prominent figures, including the Minister of Energy Fayyad, Minister of Environment Yassin, and Minister of Industry Bouchikian; Berytech Chairman and CEO, Maroun Chammas; General Manager of IM Capital, Dr. Nicolas Rouhana; TIF Chief of Party, Mark Rostal; and US Ambassador Dorothy, who delivered an inspiring speech.

Ambassador Dorothy emphasized the United States' ongoing commitment to Lebanon's energy sector. She highlighted the recent launch of the $30 million INARA project and the announcement of 22 new renewable energy projects in Lebanon by USAID Administrator Samantha Power last November.

The Solar & Renewable Energy Fund, established with $4 million in seed capital from USAID, aims to secure an additional $16 million from private investors and other donors. The fund will provide loans to enterprises at commercial rates, enabling them to purchase and install solar systems.