Egypt, Morocco and Algeria: in the right direction?
The European Bank for Reconstruction and Development (EBRD) and the Egypt-based Regional Centre for Renewable Energy and Energy Efficiency (RCREEE) join forces to promote renewable energy in the southern and eastern Mediterranean region. This collaboration comes at a time where PV in Northern Africa appears to be waking up and could prove highly lucrative.
The collaboration is a win-win deal, since the RCREEE has a great policy and stakeholders knowledge of the region, while the EBRD can offer its technical expertise in green financing. Since the beginning of its activities in the southern and eastern Mediterranean region the EBRD “has invested over €1 billion in 44 climate finance projects, roughly one-third of its total financing in the region. The RCREEE has helped its member countries access €600 million of funds for climate finance,” according to an EBRD spokesperson.
The EBRD has so far invested in four countries in the region, namely Egypt, Jordan, Morocco and Tunisia.
[Photo by Green Prophet | Flickr]