Econoler and Palestinian Energy and Natural Resources Authority (PENRA) Officially Launch SUNREF Palestine Project
On July 2, 2018, representatives from the Agence française de développement (AFD), the European Union (EU), the Bank of Palestine and the Banque du Caire Amman, and other supporting bodies gathered in Ramallah to attend the official contract-signing ceremony between Econoler and PENRA for technical assistance to the SUNREF Palestine for Financing EE/RE Projects. The AFD and the EU have jointly funded a new line of credit, including a budget of 2.5 million euros for Econoler and its local partner ESCOM to provide technical assistance and advisory services.
This technical-assistance assignment will cover the West Bank, the Gaza Strip and Jerusalem is aimed at reducing energy consumption in Palestine’s energy sector and improving its national energy independence. It is also meant to help improve the local banks’ ability to evaluate and finance sustainable energy projects, create new investment opportunities for the private sector and raise the general public’s awareness of energy conservation measures.
Ivan Gerginov who will serve as the team leader attended the ceremony and stressed that Econoler will provide technical support in establishing a Project Management Unit in PENRA and provide capacity-building to ensure the sustainability of the line of credit beyond the technical assistance.