Enigin Update - 15 Million Euro Energy Efficiency Grant for Lebanese SMEs
THE European Union has signed grant contracts worth €15 million with Lebanon to provide an energy efficiency financing initiative targeting SMEs wanting to invest in energy savings technologies.
The European Union has signed grant contracts with Banque du Liban (BdL) and Kafalat for the implementation of an energy efficiency financing window targeting Lebanese small and medium-sized enterprises (SMEs) that want to invest in energy savings and renewable energies technologies.
This programme, which is funded by the European Union with a €15 million grant, will provide investment facilities through the appropriate financial institutions, BdL with its network of commercial banks and Kafalat, in order to complement incentives systems already developed by the Lebanese State.
SMEs largely contribute to economic growth and job creation. However, they continue to face difficulties in accessing credit, while suffering from high energy costs. Energy saving measures are thus indispensable for both economic and environmental reasons.
Enigin Distributors are already helping many SMEs to sustain financial viability and retain profits through utilising Enigin PLC's range of energy efficiency technology combined with the Eniscope real-time energy management system - saving energy and money.
The EU programme will provide financial support of €12.2 million to the Banque du Liban and €2.5 million to Kafalat in order to make their loan and guarantee schemes more attractive for energy efficient investments. It also includes technical assistance to ensure a technical analysis of these investment projects and to facilitate their implementation.
During a press conference held at Banque du Liban, Cecile Abadie, Chargée d'affaires at the Delegation of the European Union to Lebanon, explained: “This programme is an example of the creative solutions that Lebanon needs in order to promote a sustainable economic development."
