ImpactAlpha, January 7 – The Green for Growth Fund, an investment fund for energy efficiency and renewable energy projects in Europe and North Africa, has provided a €6 million ($6.8 million) loan to Attijari Leasing to expand energy access and efficiency in Tunisia’s small business sector.
Attijari Leasing helps Tunisian companies finance and lease real estate, equipment, vehicles, and other items necessary to run their businesses. The company focuses on the small and medium-sized business market, including rural business, which have limited access to credit.
The loan from Green for Growth Fund will be used to help Tunisia’s small businesses access energy-efficient equipment and vehicles, such as replacing light vehicles and production and processing machinery with with more fuel-efficient alternatives. Attijari Leasing will also use a portion of the loan to begin offering small-scale renewable energy equipment.
Green for Growth Fund expects the loan to save nearly 19,000 megawatt-hours of energy and cut CO2 emissions by 4.5 metric tons.
The Green for Growth Fund was launched in 2009 by the European Investment Bank and German development bank KfW and has loaned hundreds of millions of euros to borrowers in Europe and North Africa. It has received backing from other development finance institutions over the years—most recently a €20 million commitment from Dutch development bank FMO in November.