The European Union will provide $16.3m in funding for renewable energies and energy efficiency initiatives in Tunisia as part of a $54.3m funding package to support development of the private sector and professional training in the country, SeeNews reported.

The money will be allocated to the project – ‘Sustainable Use of Natural Resources and Energy Finance in Tunisia’ (SUNREF), which will provide access to a  $108.6m credit line funded by European financiers, including the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD). The funds are targeting stakeholders wanting to invest in sustainable energy actions, wrote EU Neighbourhood Info Center.

With this assistance, the European Union reasserts its continued commitment to the process of political and economic transition in Tunisia,highlighted EU Ambassador to Tunisia, Laura Baeza, according to an EU press release.