Bank Audi and the European Bank for Reconstruction and Development Thursday joined forces to provide $200 million to finance green projects in Lebanon. “With a view to strengthening sustainable energy in Lebanon, the EBRD and Bank Audi, the largest bank in Lebanon, are joining forces by providing $100 million each for green projects. This includes the first loan under the EBRD Green Economy Financing Facility for the country,” a Bank Audi statement said.
It added that under the GEFF agreement, the EBRD is providing a $90 million loan, to be complemented by $10 million in concessional funding from the Taiwan International Cooperation and Development Fund, for on-lending to private borrowers.
“The funds will be used for climate change mitigation and adaptation investments, in line with the EBRD’s Green Economy Transition approach, a comprehensive strategy to reduce greenhouse gas emissions and improve energy efficiency,” the statement added.
Bank Audi said it will match the GEFF facility with an additional $100 million in financing to support green investments, bringing the total green financing package to $200 million.
“The program addresses critical issues for Lebanon’s sustainable development, such as diversifying energy supply, reducing the use of limited natural resources such as energy and water, and improving energy efficiency, thus decreasing pollution levels, conserving resources and contributing to a better environment,” the statement said.
Gretchen Biery, EBRD’s Lebanon head, said: “This GEFF facility to Bank Audi is the first offered to a commercial bank in Lebanon and the largest ever granted to a single bank in the region. The project demonstrates the EBRD’s commitment to creating opportunities in the green economy in Lebanon, and deepens our partnership with Bank Audi.”
Samir Hanna, chairman and group CEO of Bank Audi, said the funding will allow businesses and individuals to invest in commercially viable and environmentally sustainable projects to support Lebanon’s overall transition to a green economy.
The Daily Star