The European Bank for Reconstruction and Development (EBRD) will allocate a budget of $ 250 million to finance renewable energy projects in the private sector in Tunisia, Morocco, Egypt and Jordan.
In a statement, the financial institution said two international funds will be responsible for this program.
Clean Technology Fund of the Climate Investment Funds (CIF) should help to provide up to $35 million to the program, while the Global Environment Fund (GEF) will provide up to $ 15 million.
The wind farm Khalladi, near Tangiers, Morocco will be the first project to benefit from this program.
The energy produced by these projects will mainly be sold to the private sector.