The European Investment Bank (EIB) and the International Renewable Energy Agency (IRENA) launched a joint study with the aim to assess the Southern Mediterranean region’s capability to attract foreign investments for developing local renewable energy industries.

The joint study launched by the European Investment Bank (EIB) and the International Renewable Energy Agency (IRENA) seeks to promote renewable energy manufacturing in the Mediterranean region. In particular, the aim of the cooperation is to jointly assess the region’s capability to attract foreign investments for developing local renewable energy industries. In November 2012, the European Investment Bank announced that its participation in a large solar energy project in North Africa.

According to the EIB, the results of the joint study are expected by the end of 2013. The study will analyse and detail the supply chains for renewable energy manufacturing in the region; map the gap(s) identified for each country in order to develop renewable energy manufacturing capacity, make recommendations for International Financing Institutions to support the development of RE manufacturing in the region.

The EIB stressed that new technologies including renewable energies’ have the potential to increase competitiveness and create much-needed employment opportunities in the Mediterranean region. Renewable energy manufacturing could help transforming the local economies, while ensuring their future sustainability.