European Bank for Reconstruction and Development and EU agree €50 million financial guarantee to boost renewable energy in EU Neighbourhood
January 23, 2020
The European Bank for Reconstruction and Development (EBRD) and the European Union have agreed a new €50 million programme of financial guarantees aimed at scaling up investment in renewable energy in Ukraine and in the EU’s Southern Neighbourhood with a particular focus on Jordan, Lebanon and Tunisia.
This is the first EBRD guarantee programme to receive funding through the EU External Investment Plan (EIP), an EU initiative launched in 2017 with the aim to attract more investment, especially from businesses and private investors, into countries neighbouring the EU and in Africa.
Through the EIP, to date the EU has allocated €4.5 billion in public funds to leverage €44 billion in public and private investment for development in countries neighbouring the EU and in Africa.
The projects under this programme will help unlock countries’ substantial renewable energy potential, promote the development of renewable energy more widely and demonstrate how the private sector can help meet growing demand for energy.