Morocco is again benefiting from the European Bank for Reconstruction and Development’s (EBRD) Green Economy Finance Facility (GEFF). The London (UK)-based financial institution has announced the release of €25 million in financing to the Moroccan Bank for Trade and Industry (BMCI). In this financing, 23.75 million euros are provided by the EBRD and the remaining 1.25 million euros are allocated by the Green Climate Fund (GCF).
BMCI will use this funding to provide sub-loans to green economy players in Morocco. The subsidiary of French group BNP Paribas plans to provide credit to Moroccans, small and medium-sized enterprises (SMEs) and corporations for investments in climate change mitigation and adaptation technologies.
BMCI will be supported in the implementation of its investment program by the European Union (EU) through technical capacity building as well as investment incentives for the development of the green economy in Morocco. This is the second financing granted to BMCI by the EBRD under the GEFF. In 2019, the commercial bank headed by Rachid Marrakchi obtained 20 million euros for the financing of green projects in Morocco.
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