EBRD and RCREEE support green economy in the southern and eastern Mediterranean region
The European Bank for Reconstruction and Development (EBRD) and the Regional Center for Renewable Energy and Energy Efficiency (RCREEE) are teaming up 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 increasing 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, adding to energy mix in an environmentally friendly way.
RCREEE and the EBRD are joining forces to address these energy challenges, 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, RCREEE and EBRD are planning to cooperate in the energy arena on investment project preparation and implementation, investment project financing, knowledge sharing; and publications.
“We are pleased to join efforts with RCREEE to boost our support for renewable energy and energy efficiency in the region, a priority for the EBRD.” Said Terry McCallion, Director, Energy Efficiency and Climate Change, EBRD
“It is very important for us to be teaming up with the EBRD, one of the leading financial institutions in green investments.” Said Ahmed Badr, Executive Director, RCREEE
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.