Over the last decade, European Bank of Reconstruction and Development (EBRD) has invested some €10.5bn ($12.4bn) in the Middle East and North Africa – over a quarter of this was into (mainly renewable) energy projects. And whilst on paper these figures appear modest, the impacts have been anything but.
In Egypt, the EBRD was the leading backer of the $4bn, 1.48GW Benban solar park – one of the region’s largest (MEES, 1 November 2019). In Morocco, steady project finance has seen solar and wind capacity grow to nearly 20% of total installed capacity (MEES, 17 May 2019). And not to be outdone, the $1.7bn invested in Jordan’s ‘sustainable infrastructure’ has seen the once entirely import dependent state generate 10-15% of its electricity through domestic renewables with installed capacity verging on 25%. (CONTINUED - 894 WORDS)