EBRD and RCREEE support green economy in the southern and eastern Mediterranean region

EBRD and RCREEE support green economy in the southern and eastern Mediterranean region

EBRD and RCREEE support green economy in the southern and eastern Mediterranean region

The FINANCIAL -- The European Bank for Reconstruction and Development (EBRD) is teaming up with the Regional Centre for Renewable Energy and Energy Efficiency (RCREEE), an organisation promoting sustainable energy practices in Arab countries, to reduce energy intensity in the southern and eastern Mediterranean (SEMED) region and increase the use of renewable energy.

The EBRD invests in four SEMED countries, Egypt, Jordan, Morocco and Tunisia, whose rapidly rising populations and expanding economies have led to increased demand for electricity.

In order to meet this rising demand and to ensure the security of energy supplies, there is an urgent need for significant investments to reduce energy intensity. At the same time, there are ample opportunities to tap into the region’s high-quality renewable energy resources, according to EBRD.

The RCREEE and the EBRD are joining forces to address these challenges and opportunities, drawing on the RCREEE’s local knowledge and the EBRD’s expertise in climate finance.

According to a Memorandum of Understanding signed by the two organisations, the RCREEE and the EBRD are planning to cooperate in the energy arena on investment project preparation, financing and implementation, as well as knowledge sharing.

Terry McCallion, EBRD Director, Energy Efficiency and Climate Change, said: “We are pleased to join efforts with the RCREEE to boost our support for renewable energy and energy efficiency in the SEMED region, which is a priority for the EBRD.”

Ahmed Badr, RCREEE CEO and Executive Director, said: “It is very important for us to be teaming up with the EBRD, one of the leading financial institutions in green investments.”

Since the start of its activities in SEMED countries, the EBRD has invested over €1 billion in 44 climate finance projects, roughly one-third of its total financing in the region.

RCREE has helped its member countries access €600 million of funds for climate finance.