EBRD, EU and GCF Foster Climate Mitigation and Adaptation in Morocco
London – 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 “Banque Marocaine pour le Commerce et l’Industrie” (BMCI) to support Morocco’s green transition.
The financing, of which a total of €23.75 million will be provided by the EBRD and €1.25 million by the GCF, will be extended as sub-loans by BMCI to local citizens, small and medium-sized enterprises (SMEs) and corporates for investments in climate change mitigation and adaptation technologies, the Bank said Thursday in a release.
The new EBRD financing comes under the Green Economy Financing Facility (GEFF) in Morocco, which is supported by the GCF.
A comprehensive technical capacity package complemented by investment incentives, both funded by the EU, will support BMCI in the deployment of the programme. The EU considers this package to be a concrete help for companies to find and finance the solutions best suited to their transition to the green economy in Morocco.
The signing ceremony took place in the presence of Antoine Sallé de Chou, EBRD Director, Head of Morocco, and Rachid Marrakchi, CEO of BMCI, the source added.
This the fourth collaboration between the EBRD and BMCI. In September 2018 the Women in Business programme was the first partnership, followed by a credit line supporting green projects through the Morocco Sustainable Energy Financing Facility (MorSEFF) in February 2019, and lastly a trade finance line in July 2019.
Operating in Morocco since 1943, BMCI is a major player in Morocco’s economic development. BMCI is also positioning itself as an important player in the banking sector’s protection of the environment, by offering “green packs” with advantageous conditions for the financing of environmentally friendly equipment or work.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested more than €3.1 billion in the country through 78 projects.