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Add to Preferred SourcesStrengthening sustainable energy in Lebanon, the European Bank for Reconstruction and Development (EBRD) and Bank Audi, the largest bank in Lebanon, are joining forces by providing US$ 100 million each for green projects. This includes the first loan under the EBRD’s Green Economy Financing Facility (GEFF) for the country.
The programme addresses critical issues for Lebanon’s sustainable development, such as diversifying energy supply, reducing the use of limited natural resources such as energy and water, and improving energy efficiency, thus decreasing pollution levels, conserving resources and contributing to a better environment.
Under the GEFF agreement with Bank Audi, signed in Beirut on November 8th, the EBRD is providing a US$ 90 million loan, to be complemented by US$ 10 million in concessional funding from the TaiwanICDF, for on-lending to private borrowers. The funds will be used for investments in climate change mitigation and adaptation, in line with the EBRD’s Green Economy Transition approach, a comprehensive strategy to reduce greenhouse gas emissions and improve energy efficiency.
GEFF Lebanon will be supported by a team of specialized consultants including engineering, environmental, financial and marketing experts, who will offer Bank Audi and its clients’ direct support and advice throughout the green project lifecycle using best-in-class technology. The technical assistance package is supported by the EBRD Shareholder Special Fund.
Original source: EBRD
Published on 8 November 2018