Support to the development of the Global Environment Facility (GEF) portfolio at EBRD


For nine years (March 2007- March 2016), E Co. has supported the EBRD in designing project proposals for climate change mitigation and adaptation projects for the GEF in Eastern Europe, Central Asia and Mediterranean countries. To date, sustainable energy projects designed include Creating Markets for Renewable Energy in Ukraine, Energy Efficiency in Public Buildings and in residential projects in the Russian Federation, Industrial Energy Efficiency in the Russian Federation, Renewables and Energy Efficiency in the Western Balkans and an ESCO finance project in Morocco, Egypt, Tunisia and Jordan. Other countries for which greenhouse gas reduction projects have been designed include Romania and Kazakhstan. An example of a regional project is the Finance and Technology Transfer Centre for Climate Change. All of these projects aim to create markets for sustainable energy products and services and address a broad range of market barriers. Other types of projects are a project targeting water pollution in Tunisia, and projects increasing climate resiliency of water supplies in Tajikistan and Kyrgyzstan and of the ports sector in Morocco. The project interventions that E Co. has designed include policy, legislative, and regulatory interventions, institutional and management interventions, actions addressing financing and awareness-raising.

Scope of work  

As an Implementing Agency for the Global Environment Facility (GEF), EBRD is responsible for the preparation and implementation of climate change mitigation and adaptation projects that are supported financially by the GEF. All of these projects aim to create markets for sustainable energy products and services and address a broad range of market barriers. The various projects that were developed included investment finance totalling over EUR 300 million across all countries in which projects were developed. An example is the EBRD South Eastern Mediterranean EE/ ESCO Markets Platform with grant financing from the GEF of USD 15 million, other donor financing of USD 15 million, both as first loss shares, and indicative co-financing of USD 135 million, with funding to be provided as short, medium and long-term senior debt, subordinated loans, including mezzanine loans, guarantees, forfeiting transactions and potentially equity participation.

Approach and process  

E Co’s Agile project development approach was essential to maintain a close dialogue with the client working closely & iteratively with the EBRD teams. This proved to be very efficient and effective.


To date, E Co. has helped the EBRD to access over USD 120 million in GEF funding.

Some of the projects designed include: