EBRD, GCF, EU provide €25 m to back Morocco’s green transition

24 / 09 / 2021

By Marwa Nassar - -

The European Bank for Reconstruction and Development (EBRD) – supported by the Green Climate Fund (GCF) and the European Union (EU) – is providing a financial package of up to €25 million to Bank of Africa – BMCE Group to support Morocco’s green transition.

The financing, of which a total of €18.75 million will be provided by the EBRD and €6.25 million by the GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local citizens, small and medium-sized enterprises (SMEs) and corporates for investment in climate change mitigation and adaptation technologies.

The new EBRD financing comes under the Green Economy Financing Facility (GEFF) in Morocco, which is supported by the GCF, and will build on the successful cooperation in implementing the Morocco Sustainable Energy Financing Facility (MorSEFF) program. A comprehensive technical capacity package complemented by investment incentives, both funded by the EU, will support Bank of Africa – BMCE Group in the deployment of the program.

The EU considers this package to be a concrete help for companies to find and finance the solutions that are best suited to their transition to the green economy in Morocco.

The loan agreement was signed by Antoine Sallé de Chou, Head of the EBRD’s office in Morocco, and Brahim Benjelloun-Touimi, Director and Delegate General Manager, representing Bank of Africa – BMCE Group.

Bank of Africa – BMCE Group is the third-largest bank in Morocco and listed on the Casablanca Stock Exchange. The bank has been a partner of the EBRD since 2013, when a first trade finance facility was signed.