SUNREF II Palestine is a joint initiative between Proparco, the European Union, the Bank of Palestine, and the Cairo-Amman Bank. The program aims to promote green finance in Palestine by increasing loans to green energy projects, particularly targeting Palestinian SMEs.
The program consists of Proparco loans combined with EU grants of US$60 million to provide investment incentives to Palestinian SMEs and technical assistance to project stakeholders. It follows the successful phase of Sunref I, demonstrating a market and enthusiasm for green energy in Palestine.
SUNREF II Palestine will focus on energy efficiency projects to reduce greenhouse gas emissions and support Palestinian SMEs in a challenging economic environment. It is expected to add 55 GWh of renewable energy and 40 GWh of energy efficiency, benefiting over 350 users, mostly Palestinian SMEs.
The next steps involve preparing for the commercial launch of the project, marketing it to investors and SMEs, and finalizing technical assistance arrangements. Proparco’s expertise contributes to the effectiveness of the program by building strategic relationships with Palestinian financial institutions, understanding the local market and challenges, and tailoring the project to address real problems and obstacles to investment. Additionally, continuous improvement and collaboration with partners like the EU maximize the impact of limited resources.
Contact Proparco Palestine for details.
