The European Bank For Reconstruction and Development (EBRD) has announced a “ground-breaking” program to provide $250mn to private sector companies developing renewable energy projects in the four hydrocarbon-importing Arab Mediterranean countries where it is active – Morocco, Egypt, Tunisia and Jordan.

The money will be provided in the form of debt and equity funding for mainly wind and solar power projects. EBRD says that most of the produced electricity will be sold directly to private sector consumers “such as cement companies and hotel groups.” (CONTINUED - 354 WORDS)