November 16 (Renewables Now) - The Luxembourg-EIB Climate Finance Platform is investing EUR 5 million (USD 5.9m) in the Green for Growth Fund (GGF), and the funds will be used to support energy efficiency and renewable energy development in the Middle East and North Africa (MENA) region.
This is the first investment for the recently launched platform, which is a joint initiative between the European Investment Bank (EIB) and the government of Luxembourg. The news was announced by the EIB today at the COP23 climate change conference in Bonn.
The platform will fund high-impact climate action projects, helping to stimulate additional financing.
"The Luxembourg-EIB Climate Finance Platform and the project we’ve approved for MENA under the Green for Growth Fund is an excellent example of how the public sector can, through innovative solutions, help to attract private sector investment for high impact projects," said EIB president Werner Hoyer. He noted that since the Paris Agreement the EIB has provided around USD 35 billion for climate-related investment around the world.
"For Luxembourg, being an important financial centre, unlocking private finance is a key objective," said Luxembourg finance minister Pierre Gramegna.
(EUR 1 = USD 1.178)