EIB to strengthen support for renewable energy in North Africa

17 November 2016


The European Investment Bank has today confirmed plans to strengthen support for the Green for Growth Fund to enable new investment in small scale energy efficiency and renewable energy projects across North Africa, in Morocco, Egypt and Tunisia, as well as Lebanon, Jordan and the Palestinian Territories. 

Expanded geographic engagement of the specialist climate fund to the southern Mediterranean region will focus investment on projects that can generate high energy savings and significant CO2 reduction in countries that have high levels of fossil fuel use, limited renewable energy and restricted implementation of energy efficiency schemes.

“Unlocking new investment in renewable energy and energy efficiency is a global challenge and the Green for Growth Fund has an impressive track record that has already enabled more sustainable energy use in Southeast Europe and the European eastern neighbourhood,” said Jonathan Taylor, European Investment Bank Vice President. ”The European Investment Bank is committed to strengthening the local impact of climate related investment and the planned expansion of the Green for Growth Fund to North Africa and the Middle East can help to reduce emissions and provide a sustainable alternative to fossil fuels use across the region.”

The Green for Growth Fund provides dedicated credit lines to local financial and non-financial intermediaries, including commercial banks and microfinance institutions, for investment in renewable energy and energy efficiency schemes by local partners, such as businesses, households, municipalities and energy companies. Targeted technical assistance is also used to strengthen environmental and social impact assessment, energy audits and roll out energy efficiency focused credit lines.

Expansion of the Green for Growth Fund is intended to be finalised by the end of the year. The proposed additional EIB contribution of EUR 25 million, alongside EUR 50 million provided over the last six years, was approved earlier this week by the EIB’s Board of Directors, representing shareholders from 28 European Union countries and the European Commission.



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