NNA – Caretaker Minister of Environment, Nasser Yassin, disclosed Saturday that the establishment of a green investment facility for Lebanon was announced during the Dubai Climate Conference.
He indicated that Lebanonrsquo;s Environment Ministry has been working on this facility in cooperation with the United Nations Development Program and partners over the past year, with the aim of encouraging and attractingnbsp;green investments and those related to climate action.
Yassin added in a statement: ldquo;The facility will be independent in cooperation with the Economic Empowerment Fund in Lebanon and registered in Europe to ensure European financial standards and those related to governance and transparency.rdquo;
He explained that this facility will ldquo;work to increase investments in climate-friendly projects such as renewable energy, sustainable transportation, solid waste management, agriculture and irrigation, through directing private investments and strengthening blended finance mechanisms such as soft loans, guarantees and grants provided by international financial institutions, development banks and climate finance funds.rdquo;
Finally, Yassin considered thatnbsp;ldquo;the establishment of this facility constitutes the beginning of the transition towards a green economy and towards less polluting sectors.rdquo;
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==========R.Sh.