Fez – The European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF), and the European Union (EU) are joining forces to boost Morocco’s green energy transition.
EBRD has announced that, in collaboration with GCF and EU, it will provide the Moroccan Bank for Commerce and Industry (BMCI) with a fund of up to €25 million (MAD 261,71 million) in support of Morocco’s plan for the green transition.
The funds are aimed at boosting small and medium-sized enterprises’ (SMEs) competitiveness and investments to further accelerate Morocco’s green economy.
Antoine Sallé de Chou, Director of EBRD in Morocco, and Rachid Marrakchi, CEO of BMCI, were signatories of the fund’s package.
The EBRD will allocate €23.75 million (MAD 248,63 million), while the GCF will provide €1.25 million (MAD 13 million) to reach a total of €25 million (MAD 261,71 million). BMCI will distribute the funds as “sub-loans to local residents, SMEs, and corporations for investments in climate change mitigation and adaptation technology,” said EBRD in a statement.
The EBRD is supporting Morocco’s green transition to meet climate change challenges. “Meeting the climate challenge is not an option, but an obligation,” said de Chou in September.
As the fourth engagement between EBRD and BMCI, the package seeks to foster Morocco’s green economy transition.
EBRD’s new funding is part of Morocco’s Green Economy Financing Facility (GEFF). The GCF backs the GEFF and will monitor the implementation of the new program with a comprehensive technical capacity package, as well as investment incentives, that the EU will support as well.
The EBRD said that the EU considers this funding a concrete push for businesses to find and finance solutions to boost the transition to Morocco’s green economy.
The initial collaboration was established in September 2018, followed by a credit line supporting green projects through the Morocco Sustainable Energy Financing Facility (MorSEFF) in February 2019, and finally a trade finance line in July 2019.
Morocco joined the EBRD as a founding member and became a country of operations in 2012. The EBRD has funded over €2.8 billion (MAD 29.33 billion) in 73 projects in the country so far.
Morocco has garnered recognition in recent years for championing ambitious sustainable energy policies. By 2030, the government expects to generate more than 52% of its electricity from renewable sources, and it is already a regional leader in environmental projects.
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