The European Union (EU) and three international development banks launch a EUR -140- mn- program in Egypt to promote green investments in the country, support projects that boost energy efficiency and develop renewable energy sources, Invest-Gate reports.

The program, which is funded by the EU along with the European Bank for Reconstruction and Development (EBRD), the Agence Française de Développement (AFD), and the European Investment Bank (EIB), will provide loans for private companies that use renewable energy sources with the aim of achieving energy security.

“The European Union has provided a EUR- 23.8 – mn- grant through the Green Economy Financing Facility to help dismantle the numerous barriers facing the private sector and preventing financial institutions, strategic investors and project managers from operating actively and efficiently in financing sustainable energy projects.” Ambassador Ivan Surkos, Head of the EU Delegation to Egypt, says in a Cairo event attended by more than 250 participants.

The program, titled the Green Economy Financing Facility (GEFF), is the latest in a series of similar programs led by the European Bank for Reconstruction and Development (EBRD) and rolled out so far in 24 countries in cooperation with 120 local financial partners. The programs provide over EUR 4 bn for launching energy efficiency and renewable energy projects in countries across the world.

Janet Heckman, EBRD Managing Director for the southern and eastern Mediterranean (SEMED) region, says: “This facility is part of a new EBRD programme aiming at promoting better practices and raising awareness of the benefits of green economy investments.”