The financial support will help the beneficiaries reduce their costs by implementing climate adaptation measures, energy-efficient and renewable-energy technologies, which will improve their overall competitiveness, says a press release issued by the European Bank.
The EU is providing a total of €61.3 million in grants to support three EBRD programs helping businesses invest in energy efficiency, cut their carbon footprint, introduce innovative green technologies, support the circular economy and improve legal frameworks for energy and resource efficiency investments.
Besides Morocco, Egypt will get a €24.8 million grant from the EU in support to the EBRD’s Green Energy Financing Facility (GEFF), which focuses on supporting energy-efficient and renewable energy investments through local financial institutions for lending on to private companies.
Eastern Partnership countries (Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine), will receive €15.4 million support through the EBRD’s Finance and Technology Transfer Centre for Climate Change (FINTECC) program seeking to speed up the adoption of innovative climate technologies and sustainable business practices.
Climate finance is a crucial instrument for green investments, to increase the use of renewable energy and to build a low-carbon future in the euro-Mediterranean region.