EBRD, Bank Audi to lend USD 200m for green projects in Lebanon

The European Bank for Reconstruction and Development (EBRD) and Lebanese Bank Audi will together make USD 200 million (EUR 177m) available for green projects in the Western Asian country.

The EBRD is providing USD 90 million under the Green Economy Financing Facility (GEFF). This is the first time a commercial bank in Lebanon gets support under GEFF and also the largest GEFF facility granted to a single bank in the region. The goal is to support sustainable development, through the diversification of energy supply, reduced use of limited natural resources and improved energy efficiency, among other measures, the bank said in its press release.

The USD-90-million loan will be supplemented by USD 10 million in concessional funding from the TaiwanICDF. Bank Audi will provide an additional USD 100 million to double the green financing package.

Since 2006, through GEFF, the EBRD has helped fund projects that have led to annual reductions in carbon dioxide (CO2) emissions of almost 7 million tonnes.

(USD 1 = EUR 0.89)

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