EBRD Provides €25 Mln to Credit du Maroc to Boost Green Investments
London – The European Bank for Reconstruction and Development (EBRD), with support from the Green Climate Fund (GCF), and the European Union, is providing a financial package of up to €25 million to Credit du Maroc to boost Morocco’s green transition.
In a statement released on Wednesday, EBRD said that the financing will be on-lent to small and medium-sized enterprises and to corporates for investments in climate change mitigation and adaptation technologies.
The signing ceremony took place in Casablanca during the EU-Africa Business Forum 2022, which was held on the margins of the European Union – African Union Summit, in the presence of Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, Antoine Sallé de Chou, EBRD Head of Morocco, Jean-Christophe Filori, Head of Cooperation of the EU in Morocco and Bernard Muselet, President of the Board of Credit du Maroc.
A comprehensive technical capacity package and investment incentives, funded by the EBRD, the European Union (EU) and the GCF, will support Crédit du Maroc in the deployment of the programme.
The bank said the equivalent of €18.75 million will be provided by EBRD in Moroccan dirhams, while GCF will provide €6.25 million.
As part of this package, Credit du Maroc will also enhance equal opportunities for women and men to access finance for green technologies, said EBRD, noting that the institution will achieve this by conducting awareness-raising activities among potential sub-borrowers, building the capacity of its staff to help address gender-specific obstacles to supply and demand, and carrying out gender-related baseline assessments.
The financing is the fourth project under the Green Economy Financing Facility (GEFF) in Morocco – which is supported by the GCF – and the second green facility that the EBRD has provided to Credit du Maroc, the same source underlined.
To date, the EBRD has invested close to €3.2 billion in the country through 80 projects.