By Maryana Ahmadova
Copyright trend
BAKU, Azerbaijan, September 15. The European
Bank for Reconstruction and Development (EBRD), in partnership with
the European Union (EU), has launched the Green Economy Financing
Facility (GEFF) program in the West Bank to support the transition
to a greener economy, Trend reports.
The program will provide up to 25.9 million euros in senior
unsecured loans to four local financial institutions over the next
seven years. These funds will be on-lent to Palestinian micro,
small, and medium-sized enterprises (MSMEs) and households, with a
focus on gender-responsive financing for investments in small-scale
renewable energy, water- and energy-efficiency, and other
resource-saving projects.
Palestinian MSMEs account for more than 95% of businesses in the
West Bank and Gaza and contribute over 55% of GDP, yet access to
financing for green technologies remains limited. Rising energy and
water consumption, coupled with high fuel costs and dependence on
imported power, make the transition to sustainable solutions
The EU is also providing up to 5.2 million euros in investment
grants through the Sustainable Growth4All Program to encourage
MSMEs and households to adopt green technologies and reduce
operational costs. Technical assistance funded by the EU will
support partner financial institutions in identifying and
appraising green investment opportunities, while embedding a gender
focus and raising awareness of the benefits of sustainable
technologies.
Since beginning operations in the West Bank and Gaza in 2017,
the EBRD has approved 36 projects totaling 185.5 million euros,
demonstrating its commitment to supporting sustainable growth in
the region.
