Credit Immobilier et Hotelier secures US$29m from EBRD, GCF, EU to support green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.20m) to Credit Immobilier et Hotelier (CIH Bank) to support Morocco’s green transition. The financing, of which a total of €18.75 million (US$21.90m) will be provided by the EBRD and €6.25 million (US$7.30m) by the GCF, will be extended as sub-loans by CIH Bank to local citizens, small and medium-sized enterprises (SMEs) and corporates for investments in climate…

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Medical textiles company Lamatem secures US$7m loan from EBRD and EU

MOROCCO – Lamatem, a Moroccan producer of high-‎end ‎medical garments, has secured €6 million loan (US$7.05m) from The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) to help the company increase its exports to European markets. The investment will help Lamatem to increase its supply of medical protective equipment and to offer a more diverse range of products, through the use of a state-of-the-art sterilisation machine, to local and European medical suppliers. Lamatem will also diversify its energy supply and boost the use of renewables, with…

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AFD, EU to finance CGECI’s renewable energy and energy efficiency projects

COTE D’IVOIRE – French Development Agency (AFD) and the European Union (EU) has signed a financial agreement with the General Confederation of Businesses in Ivory Coast (CGECI) to offer technical assistance for US$1.97 million renewable energy and energy efficiency projects for Ivorian companies. French Development Agency (AFD) plans to support Ivorian companies in their projects to acquire renewable energy and energy efficiency systems. The bank will participate in financing their green projects through the Sunref program. AFD’s green financing label aims to work with (local) banks for green growth in…

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EU approves US$11m to boost interconnection project between Ghana and Burkina Faso

GHANA – The European Union (EU), through the French Development Agency – Agence Francaise Development (AFD), has approved a new €9.7 million euros (US$11.77m) grant for the Ghana Grid Company (GRIDCo) to boost infrastructure works on the interconnection line between Ghana and Burkina Faso. This is expected to increase electricity access in Northern Ghana and exporting capacity to the sub-region, especially Burkina Faso.   The EU grant facility will be used to finance the upgrade of an 18km long 161kV transmission line located between Ahodwo and Anwomaso substation in Ghana’s second…

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Climate Investor Two secures US$23m from EU to support its climate change adaptation sectors

AFRICA – The European Union (EU) has committed EUR19.7 million (US$23.89m) to Climate Investor Two (CI2), the second facility under the management of Climate Fund Managers (CFM), to expands the EU’s support for sustainable infrastructure in climate change adaptation sectors across global emerging markets. This investment in CI2 is channelled through the EU’s partner bank, the Dutch Development Bank (FMO) and is the second CFM-managed facility to receive a commitment from the EU, joining the renewable energy focused Climate Investor One (CI1) which also benefitted from EU support. CI2, which…

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Tony Elumelu Foundation partners with EU to empower African women entrepreneurs

NIGERIA – The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy committed to empowering young African entrepreneurs, has announced a partnership with the European Union (EU) to identify, train, mentor and fund 2,500 young African women entrepreneurs in 2021. The partnership would disburse €20 million (US$24.30m) in financial and technical support for women-owned businesses across all 54 African countries, in addition to providing increased access to market linkages, supply chains and venture capital investments. “We are delighted to partner with the EU, sharing our unique ability to identify, train, mentor and…

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EBRD, EU to help SolarizEgypt promote solar panels in Egypt

EGYPT – The European Bank for Reconstruction and Development (EBRD), through its Green Economy Financing Facility (GEFF), which is supported by the European Union (EU), has helped SolarizEgypt to promote solar panels in Egypt. According to EBRD, SolarizEgypt’s first impactful project materialised when the company received assistance in implementing the installation of a rooftop PV system for the Coca Cola Company. The GEFF’s support provided the company with the opportunity to receive finance from the QNB Al Ahli Bank, one of GEFF’s partner banks. Although the 1 MW PV system…

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EU and Morocco to cooperate in marine research and innovation

MOROCCO – Morocco and the European Union (EU) have signed an administrative arrangement on cooperation in marine research and innovation. The agreement will give new impetus to cooperation between Morocco and the EU in the fields of higher education, scientific research, technologies, and marine innovation. The arrangement also seeks to better network scientific activities between Moroccan research facilities and research institutions in EU countries that border the Atlantic to capitalize on the opportunities that transatlantic cooperation offers. Morocco’s Minister Delegate in charge of Higher Education and Scientific Research, Driss Ouaouicha…

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Constructions works of DEFISSOL solar power plant kicks off, financed by EU and France

BENIN – The European Commission have announced the launch of the construction of 25 MWp DEFISSOL solar power plant in Benin financed with the support of the European Union (EU) and France. This project aims to facilitate the population’s access to renewable energy at an affordable price. The mayor of the municipality of Pobè, Dinan Simon, handed over a 96-hectare plot of land to the consortium responsible for building the solar power plant, Société béninoise d’énergie électrique (Defissol). The solar plant to be built in the village of Illoulofin in…

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Egypt’s green economy gets boosted by US$258.87M from EBRD, EU and GCF

EGYPT – The European Bank for Reconstruction and Development (EBRD), the European Union (EU) and the Green Climate Fund (GCF) are boosting green finance on the Egyptian economy and the development of value chains for the private sector. Working with the EBRD’s local partner banks, two programmes cumulatively worth €220 million (US$258.87m) will offer sub-loans to businesses for green investments in energy, water and resource-efficient solutions. The programmes are complemented by EU grants of more than €30 million (US$35.30m) and GCF concessional co-financing as well as technical assistance of up…

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