GGF Invests USD 15 Million in Bank Audi Lebanon for Green Lending
The Green for Growth Fund (GGF) has invested USD 15 million in Lebanon’s biggest green lender, Bank Audi, to support its lending portfolio in the areas of energy efficiency (EE) and renewable energy (RE). The investment will be mainly utilised for financing industrial equipment upgrades, energy-efficient buildings, commercial vehicles, and energy service and supply companies. The impact of this investment would be augmented with capacity-building activities through the fund’s Technical Assistance Facility.
Bank Audi is the largest commercial bank in the country, and one of the leading regional banks. It has the most active participation in the National Energy Efficiency and Renewable Energy Action (NEEREA), the Lebanese Central Bank’s financing scheme for green energy projects. Bank Audi also has a well-developed Environmental and Social Management System. The bank’s wide experience in the field of green lending, along with its strong market position, make it an ideal partner for GGF in Lebanon.
EE and RE measures financed with this investment are projected to lead to annual primary energy savings of approximately 31,625 MWh and CO2 emission reductions of approximately 10,148 tons. This would be a meaningful contribution to saving energy in a market where generation capacity covers only 60% of the peak power demand, leading to regular power outages which dampen the overall economic productivity.
GGF Chairman Olaf Zymelka stated: “GGF is delighted to be forging this partnership with Bank Audi, an institution that falls right in line with the GGF’s mission. It is impressive to see their growing portfolio of green lending and their drive to make a difference right where it is needed. We have full faith in their capacity to put this investment to the best use and look forward to see this partnership in action.”
Mr. Khalil Debs, Group Head of Corporate Banking – Bank Audi sal, underlined that “GGF’s engagement is a vote of confidence in Lebanon and in Bank Audi whose commitment to creating opportunities in the country’s green economy and to generating the consequential positive impact on both the community and the environment, needs no further proof.” He also seized the opportunity to point out that “Bank Audi is positioned as the leading facilitator to access green finance and environmentally sustainable projects in our local economy.”