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Recent funding deals show that international financial institutions (IFIs) favor renewable energy projects as a way of boosting electricity supply in Southeast Mediterranean countries. Loans to Jordan and Morocco will enable major wind and solar power developments, with similar investments planned in Egypt and Tunisia.
Renewables loans from the World Bank and European Bank for Reconstruction and Development (EBRD) follow broader economic support from the International Monetary Fund (IMF). The IMF is supporting these countries plus Yemen and Libya under its ‘Arab Countries in Transition’ program (MEES, 2 May).
So far the World Bank’s International Finance Corporation (IFC) and the EBRD have committed $791mn of funding to wind and solar projects with a combined capacity of 591MW. Current plans include investments of $375mn in projects which will develop more than 176MW of capacity (see table).
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