Oil-Poor Arab States Get Multilateral Finance Boost For Renewables

The European Bank for Reconstruction and Development (EBRD) and the World Bank’s International Finance Corporation (IFC) have driven $2.35bn in energy-related investment Arab ‘south and eastern Mediterranean’ countries since 2012. Of this, $962mn, 41% of the total, relates to provision of electricity from renewables.

EBRD and IFC began investing in energy projects in Egypt, Jordan, Morocco and Tunisia as part of the IMF’s ‘Arab Countries in Transition Program’ which followed the 2011 ‘Arab Spring.’ This targeted these four countries plus Yemen and Libya (MEES, 24 October 2014).

At the recent COP 22 climate conference in Marrakesh, EBRD and the EU-led Union for the Mediterranean (UfM) launched the Southeast Mediterranean Private Renewable Energy Framework (SPREF), a €227.5mn ($241mn) renewables financing vehicle aimed at helping the four countries reduce their “heavy dependence on imports of hydrocarbons.” (CONTINUED - 858 WORDS)

DATA INSIDE THIS ARTICLE

table Ebrd & Ifc Funding For ‘Post Arab Spring’ Renewables