June 20, 2011- The Lebanese Centre for Energy Conservation (LCEC) organised a workshop Friday (June 17) on the National Energy Efficiency and Renewable Energy Action Initiative (NEEREA) and other financing mechanisms to support investments in the field of energy efficiency and renewable energies.

A statement released by the LCEC said the workshop is part of a series of workshops under the project “EU Support to the LCEC” funded by the European Union (EU), and implemented through the Presidency of the Council of Ministers. The NEEREA initiative was officially launched by the Central Bank of Lebanon in November 2010. It offers loans for energy efficiency, renewable energy and green buildings projects with interest rates as low as zero percent and repayment period as long as 14 years.

The EU supports the LCEC through a team of experts funded by a budget of €500,000 for the purpose of providing legislative, financial and technical support to LCEC to strengthen its position as the national energy agency.

The statement said the EU also supports local Small and Medium-Sized Enterprises (SMEs) willing to invest in energy efficiency and renewable energy projects by providing them subsidies of €12 million, channelled through the Central Bank of Lebanon and with a guarantee scheme through its provision of a €2.5 million grant to Kafalat.