A comprehensive financial package of the EBRD provided to BMCE Bank of Africa and supported by the Green Climate Fund (GCF) will boost investments in the green economy in Morocco.
Image: EBRD and BMCE Bank of Africa support green energy investments. Photo: Courtesy of European Bank of Reconstruction and Development.
The package will consist of a loan in two tranches for a total of up to €10 million. The first tranche of €5 million will consist of a €3.75 million loan by the EBRD and a €1.25 million contribution by GCF. A second tranche of EBRD finance will be extended at a later stage.
The loan comes under the Morocco Green Economy Financing Facility (GEFF) for the financing sustainable energy projects via local partner banks. The EBRD launched its first energy efficiency framework in Morocco in 2015 with EU support and thanks to strong demand has since increased its engagement.
In a further step the Bank is also extending a €50 million risk-sharing facility to BMCE Bank of Africa, providing guarantees to improve local businesses’ access to finance and at the same time expanding the bank’s financial products.
Morocco is a founding member of EBRD and became one of the Bank’s countries of operations in 2012. To date, the Bank has invested more than €1.7 billion in 50 projects across the country. The EBRD has also supported more than 550 Moroccan SMEs with advisory services.
Source: Company Press Release.