KYIV, Jan 23 – The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have agreed a new EUR 50 million program of financial guarantees aimed at scaling up investment in renewable energy in Ukraine and in the EU's Southern Neighborhood with a particular focus on Jordan, Lebanon and Tunisia, the bank has said in a press release.

The EBRD will provide guarantees to lenders such as local commercial banks, which will allow them to provide financing to projects alongside EBRD loans. The guarantee is expected to help generate total investments of up to EUR 500 million.