The European Bank for Reconstruction and Development (ABRD) has launched in partnership with the Union for the Mediterranean (UfM), the SEMED Private Renewable Energy Framework (SPREF). The program aims at developing renewable energy markets in Morocco, Tunisia, Egypt and Jordan.

In this framework, the EBRD will provide €227.5 million in financing in addition to committing to mobilize from its partners the additional investment needed for the project which costs €834 million.

The goal of this initiative is to reduce the regions’ dependence on hydrocarbons imports by promoting the development of renewable energy projects, by supporting them financially and providing technical assistance as well. Targeted projects should help reduce the zones’ gas emissions by about 780,000 tons of CO2 each year.

Gwladys Johnson