The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) have signed an agreement to fast-track renewable energy projects in several regions.
GCF funds will be used on renewable-energy projects in Egypt and to help banks in Armenia, Egypt, Georgia, Jordan, Moldova, Morocco, Tunisia and several other regions to become proponents of green lending.
“We are delighted with this huge vote of confidence by the Green Climate Fund," EBRD President Suma Chakrabarti said in a press release. "The EBRD is well equipped to fast-track green project implementation in key developing regions that suffer both from lack of adequate resources and the know-how to respond rapidly and effectively to climate change. Our green agenda is a high priority and these new funds will allow us to further substantially scale up our climate finance for the benefit of millions of people."
The focus on green and renewable energy projects is part of the EBRD's initiative to dedicate at least 40 percent of its investments into green-energy projects in the next three years.
The GCF, created in 2010, is the largest international climate fund. It began during the United Nations Framework Convention on Climate Change.