JERUSALEM, Jan. 16 (Xinhua) -- Israel has set up a fund to support environmental projects in developing countries, amounting to one million euros (about 1.14 million U.S. dollars), as reported Wednesday by the state's Ministry of Finance.
The fund was established by the Israel's ministries of finance, environmental protection and economy, in cooperation with the European Bank for Reconstruction and Development (EBRD).
The fund was established to support environmental projects such as water, energy and climate change in countries where the bank is active, mainly in Central and Eastern Europe, as well as Central Asia.
The fund will provide technical assistance tools such as feasibility studies, engineering and legal opinions and professional advice.
These tools enable raising funds for projects from commercial banks, regional development banks and special funds for complementary financing for environmental projects.
The EBRD was established in 1991 by 40 countries, including Israel, to help build a new, post-Cold War era in Central and Eastern Europe.
It has since played a historic role and gained unique expertise in fostering change in the region and beyond, and investing more than 130 billion euros (148 billion U.S. dollars) in a total of over 5,200 projects.
According to the Israel's Ministry of Finance, through economic development cooperation, the government is assisting Israeli companies to realize the great potential inherent in these markets.
