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Green for Growth Fund supports Energy Efficiency in Lebanon

23-8-2019

Green for Growth Fund (GGF) said in a statement yesterday that it has invested USD 15 million in Bank Audi, the biggest green lender in Lebanon. The aim, the statement explained, is to support Audi’s lending portfolio in energy efficiency (EE) and renewable energy (RE). The investment will reportedly be used for financing industrial equipment and energy efficient buildings, as well as commercial vehicles and energy service and supply companies, the statement said. The impact is expected to be amplified through the Fund’s Technical Assistance Facility. The measures funded through above investment, will lead to primary energy saving and a reduction in CO2 emissions, it said. The investment is anticipated to contribute to saving energy in a market that only covers 60% of the peak power demand which results in regular power outages that impede overall economic productivity, according to the statement. (Al Diyar, An Nahar, Al Akhbar, August 23, 2019)

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