In line with its efforts to strengthen the lending portfolio in the areas of energy efficiency (EE) and renewable energy (RE), Green for Growth Fund (GGF) has recently invested $15 million in Lebanon’s biggest green lender, Bank Audi.
The new deal shall finance several projects including but not limited to industrial equipment upgrades and energy-efficient buildings, commercial vehicles, in addition to energy service and supply companies, according to a press release on Thursday.
GGF is a public-private partnership that was initiated by the European Investment Bank (EIB) and KfW Development Bank to reduce energy consumption and CO2 emissions.
Being Lebanon’s largest commercial bank, Bank Audi plays an active role in financing green energy-related projects, as it is an actively-involved participant in the National Energy Efficiency and Renewable Energy Action (NEEREA).
Once the partnership is in action, the annual primary energy savings are expected to reach around 31,625 MWh, while CO2 emissions will be reduced to about 10,148 tons. It is worthwhile to mention that this is a meaningful contribution considering the fact that only 60% of the peak power demand is covered by the generation capacity, hence, resulting in regular power outages.
Meanwhile, GGF’s chairman Olaf Zymelka affirmed, “We have full faith in their capacity to put this investment to the best use and look forward to seeing this partnership in action.”
Group head of corporate banking at Bank Audi Khalil Debs commented, “GGF’s engagement is a vote of confidence in Lebanon.’’ He further added, “Bank Audi is positioned as the leading facilitator to access green finance and environmentally sustainable projects in our local economy.”
It is worth pinpointing that Bank Audi is listed on the Beirut Stock Exchange (BSE).