In a boost for the green transition in the Middle East and North Africa, a joint guarantee agreement worth €300 million to facilitate the green transformation of urban areas and support the development of green hydrogen market in the Middle East and North Africa has been signed.
The agreement was signed by the European Commission, Kreditanstalt für Wiederaufbau (KfW) and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH. The guarantee is funded by the European Fund for Sustainable Development Plus (EFSD+).
The guarantee will enhance KfW's and DEG`s capacity to foster sustainable urban development and advance innovative energy solutions. This includes projects to improve energy efficiency, promote renewable energy sources, and enhance the overall resilience of urban infrastructure. It will also promote investments in green hydrogen production, storage and distribution.
According to the statement, this initiative addressed important needs in the Middle East and North Africa and aims to deliver on EU's strategic priorities, including the Global Gateway and the European Green Deal.
"We are excited to collaborate with the European Union on this transformative initiative," said Christiane Laibach, member of Executive Board of KfW Group. "This agreement not only reinforces our commitment to sustainable urban development but also aligns with the EU's strategic priorities, positioning green hydrogen as a vital element in the region's energy landscape."
Stefano Sannino, Director-General at the European Commission’s Directorate-General for the Middle East, North Africa and the Gulf (DG MENA) stressed: “We are delighted to embark in a very promising initiative with our partner KfW, addressing such a critical topic for the benefit of urban centres in the Middle East and North Africa. Green energy investments not only contribute to climate change mitigation, but also improve the quality of life of their citizens. This initiative will also tap into the enormous potential of green hydrogen in the region and generate economic growth and jobs, in alignment with our policy priorities.”
The European Fund for Sustainable Development Plus (EFSD+) was established in June 2021 to support public and private sustainable investment in EU’s partner countries, and as a key tool of EU’s Global Gateway initiative. EFSD+ makes available grants and guarantees for investment projects through International Financial Institutions (IFIs) and has €39.8 billion in guarantee capacity globally for the period 2021 to 2027.
Turkish Foreign Minister Hakan Fidan has urged the U.S.-backed Syrian Democratic Forces (SDF) to “do its part for national unity” amid ongoing cla...
Iran's Supreme Leader Ayatollah Ali Khamenei on Friday (January 9) accused protesters of acting on behalf of U.S. President Donald Trump....
Türkiye has stepped back from mediating between Pakistan and Afghanistan after repeated efforts failed to narrow deep differences between Islamabad a...
Azerbaijan has dispatched a new rail shipment of petroleum products to Armenia, marking a continued resumption of trade following the lifting of long ...
Venezuela has released Former opposition candidate Enrique Marquez and prominent Venezuelan-Spanish rights activist Rocío San Miguel and four other S...
A series of statements by Georgian Parliament Speaker Shalva Papuashvili has reignited debate over freedom of speech, the role of the Orthodox Church, and the influence of the European Union.
Hungary’s foreign minister on Wednesday criticised European plans to establish military hubs in Ukraine, saying the move risks pushing Europe closer to a direct confrontation with Russia.
The European Commission has proposed cutting fertiliser import duties in an effort to secure support for a long-delayed free trade deal with the South American bloc Mercosur.
Ukrainian President Volodymyr Zelenskyy sought to advance EU membership discussions and secure stricter sanctions on Russia during a meeting on Wednesday as Cyprus took over the European Union's rotating presidency.
Snow and ice stalled travellers in northwest Europe on Wednesday, forcing around a thousand to spend the night in Amsterdam's Schiphol airport but delighting others who set out to explore a snow-blanketed Paris on sledges and skis.
U.S. President Donald Trump has warned that Iran could face a strong response from the United States if its authorities kill protesters amid ongoing unrest.
Snow and ice caused travel chaos in northwest Europe on Wednesday, while others were delighted by the snow-covered streets of Paris, venturing out on sledges and skis.
Iran is now facing a near‑total internet blackout as anti-government protests sweep the country. Major cities including Tehran have seen connectivity drop sharply, leaving millions of residents isolated from online communication.
Hungary’s foreign minister on Wednesday criticised European plans to establish military hubs in Ukraine, saying the move risks pushing Europe closer to a direct confrontation with Russia.
The 240-megawatt Khizi-Absheron Wind Power Plant has been inaugurated in Azerbaijan on Thursday (8 Jan) by President Illham Aliyev, who described the launch as a landmark moment for Azerbaijan's energy sector. It's the first large-scale, independently developed wind energry project in the country.
A mountain gorilla has given birth to twins in war‑torn eastern Democratic Republic of Congo (DRC), a national park said on Wednesday, calling the event “a major event” for the endangered subspecies.
Experts say COP30 failed to deliver concrete commitments on fossil fuels and deforestation despite high expectations.
Snow and ice caused travel chaos in northwest Europe on Wednesday, while others were delighted by the snow-covered streets of Paris, venturing out on sledges and skis.
Emergency services across southeastern Australia have been placed on high alert as a blistering air mass pushes temperatures to dangerous extremes, reviving painful memories of the nation's catastrophic fire seasons of the past decade.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment