Luxembourg based Green for Growth Fund (GGF) has announced its expansion to the Mena region, offering green energy finance to firms in Egypt, Jordan, Lebanon, Morocco, the Palestinian Territories, and Tunisia.
The GGF, which aims to cut energy use and CO2 emissions now invests in 19 countries by providing financing to local partners that on-lend to enterprises and private households, it also invests directly in small to midsize renewable energy projects.
GGF chairman Christopher Knowles comments on the initiative: “Our expansion into the Middle East and North Africa is a product of our success in fostering proven and quantifiable impact. We offer the region expertise collected from more than five years of financing energy efficiency measures in a wide variety of geographies and markets. We look forward to the challenge, and to helping people and businesses in the region lower their environmental impact and prosper.”
The GGF was initiated as a public-private partnership in December 2009 by Germany’s KfW Development Bank and the European Investment Bank, with financial support from the European Commission, the German Federal Ministry for Economic Cooperation and Development, the European Bank for Reconstruction and Development, and the Austrian development bank OeEB.
It first expanded in 2012 when it added service to Armenia, Azerbaijan, Georgia, Moldova and Ukraine, five countries in the European Eastern Neighbourhood Region. The fund has since invested in measures to cut energy consumption and emissions in all five.