EU Subsidy for Lebanese SME Investment in Energy Efficiency

The European Union (EU) is providing a €15 million facility that will help investments in energy efficiency for small to medium sized enterprises (SMEs) in Lebanon.

An EU Delegation visited the middle eastern country at the end of last week and announced that the subsidy will reduce the exposure of Lebanese SMEs to ever rising energy costs and hence increase and maintain their competitiveness.

The facility will offer incentives to energy efficiency investments, energy saving and renewable energy technology. This will also support new and established enterprises who are looking for a new business opportunity in the energy efficiency business, creating a local market for the sustainable industry.

Recent energy audits in Lebanon revealed a huge potential for energy efficiencies in industry, hospitals, commerce and the public sector. It has also been reported that the needed investments appeared to be beyond many Lebanese SMEs, so the EU subsidy is designed to help Lebanese banks provide concessionary loans.

Marcus Cornaro Director of Europe Aid stated during the visit to Lebanon: "The programme is an example of the creative solutions we need in order to promote a sustainable economic development in Lebanon and a diversification of the real economy.

"The capacity of the Lebanese private sector to absorb shocks, its creativity, its spirit of entrepreneurship, are remarkable. But it is also essential that the private sector can benefit from a proper environment to fully deploy its potential thus contributing to a sustainable development of the country."

Tuesday 15th June 2010

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