North Africa’s Algeria will receive aid from the EU to help efforts toward diversifying its economy. The support from the EU will not only help Algeria diversify its economy but will aid it in increasing power generation capacity.
According to the EU, Algeria will receive a $42.7-million funding package that will support renewable energy.
Members of a bilateral consortium met in Brussels to sign off on the multi-million dollar package to back an economic reform agenda. The EU said it was offering financial support for renewable energy and the promotion of energy efficiency.
"Today's EU package for Algeria will help Algeria diversify its economy contributing to the creation of new jobs and the modernization of public finances," Johannes Hahn, the European Union's Commissioner for European Neighborhood Policy said in a statement.
A third of the funds allocated by the EU will support institutional and regulatory frameworks necessary to promote renewable energy in Algeria.
"In line with Algeria's efforts to diversify its economy, the program will also help promote private investment – domestic and foreign – in renewable energy and energy efficiency projects," the EU stated.