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TaiwanICDF and EBRD successfully raise the profile of GEFF in Lebanon

TaiwanICDF and EBRD successfully raise the profile of GEFF in Lebanon

TaiwanICDF Deputy Secretary General Alex L.J. Shyy participated and served as a panelist in a green finance section of the International Beirut Energy Forum on September 27, 2019 in Beirut, Lebanon, to share with the audience the TaiwanICDF’s work in terms of green financing. The forum is one of the important events in the Middle East region, drawing in thousands of representatives and energy experts from the academia and the industry. The purpose of the forum is to lead an in-depth discussion on sustainable energy and identify the pathways of sustainable energy development in the Arab world and neighboring Mediterranean areas.

The TaiwanICDF and the European Bank for Reconstruction and Development (EBRD) began to cooperate on a pilot Green Economy Financing Facility (GEFF) program in Lebanon in 2018, providing the financing to Bank Audi for them to offer green finance products for the bank’s residential, corporate, SME, project finance and retail clients, thereby facilitating energy efficiency, renewable energy and resource efficiency investment in the private sectors.

The GEFF pilot project was such a big success that it became well-known in Lebanon. EBRD decided to promote the GEFF further, arranging and hosting a session on “The Future of Green Financing” in the forum, and invited the TaiwanICDF as co-panelist. During the session the GEFF was demonstrated as the model for tackling the issue of green financing, highlighting the joint commitment of both organizations to sustainable energy development in the Middle Eastern and North African countries.

Mr. Nada Abi-Nader, GEFF manager of Audi Bank, indicated that Beirut is the financial center of the Middle East. Audi Bank is the largest financial intermediary and active in the Middle Eastern and North African regions. Audi Bank currently has three green finance projects, but the GEFF is prominent in terms of the comprehensive financial and technical support, and is enquired most by the bank’s clients. It also has the best implementation efficiency. Such is the degree of product and brand identity of the GEFF in Lebanon that Dr. Mohamad Haidar added that people would always link it to a green finance product from Taiwan and from Europe.

“TaiwanICDF’s contribution was a key factor to the successful deployment of GEFF in Lebanon,” stressed Mr. Miroslav Maly, deputy head of E2C2 team of EBRD. The progress of the pilot Audi project has attracted the interest of other Lebanese commercial banks who hope to have access to green finance products. Among them, the second and third largest banks will participate in the program later this year. Their participation will enlarge the scale of the facility, thus catalyzing the robust development of the green finance market in Lebanon.

Speaking at this seminar, Mr. Shyy said the TaiwanICDF has consistently focused on the Sustainable Development Goals. EBRD has long been an important cooperation partner in East Europe, Central Asia, South and East Mediterranean and North Africa. Green financing is one of the core areas of cooperation with EBRD. The efforts of both parties have been visible in several energy efficiency, renewable energy and climate resilience projects, and further emphasizes Taiwan’s willingness to work hand-in-hand with the international community to contribute to and develop a more sustainable future.

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  • Date:2019/10/29