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- EBRD, GCF and Canada (through HIPCA) provide up to €50 million to Crédit du Maroc for green investments under Morocco Decarbonisation and Climate Resilience programme
- Funds will support private-sector climate adaptation and mitigation projects
- EU providing technical assistance and grants to support SMEs’ green investments
The European Bank for Reconstruction and Development (EBRD) and its partners are providing a financing package of up to €50 million to Crédit du Maroc to support private-sector investment in green projects in Morocco. The Bank’s funding is complemented by donor support from the Green Climate Fund (GCF), the European Union (EU), and Canada through the EBRD’s High-Impact Partnership on Climate Action (HIPCA)*.
Provided under the EU-backed Morocco Decarbonisation and Climate Resilience programme, this comprehensive Green Economy Financing Facility (GEFF) Plus package combines two complementary facilities designed to accelerate Morocco’s transition to a green economy, helping both small and medium-sized enterprises (SMEs) and larger companies to make impactful climate investments.
The first component – a loan of up to €25 million as the EBRD’s new GEFF facility in the country – combines €18.75 million from the EBRD with €6.25 million from GCF. This will help Moroccan SMEs to invest in practical climate solutions (including solar power, energy- and water-efficiency upgrades, greener buildings and circular economy projects), making their operations more sustainable and competitive. Incentive grants funded by the EU will encourage the adoption of green technologies.
The second component – a loan of up to €25 million under the MidGEFF framework – targets mid caps and larger companies and combines €23 million from the EBRD with €2 million from Canada through HIPCA. This will boost mid-size green investments by larger Moroccan companies, driving projects such as renewable energy generation, industrial energy-efficiency improvements and sustainable construction. It will also support the implementation of urgently needed climate adaptation projects, including wastewater treatment and seawater desalination, helping businesses and communities to secure vital water resources.
This financing package is accompanied by comprehensive technical assistance funded by the EU and GCF. This support will help Crédit du Maroc and its clients to develop and implement green projects, strengthen capacity in the area of green lending and promote equal access to climate finance.
The agreement was signed by Greg Guyett, the EBRD’s First Vice President, during his first visit to the country in that capacity, and by Ali Chorfi, a member of Crédit du Maroc’s board with responsibility for corporate investment banking activities.
Mr Guyett said: “We are pleased to partner with Crédit du Maroc to advance Morocco’s strategic priorities for the energy transition. This financing package will help unlock private-sector investment in new, climate-resilient energy technologies, supporting the country’s ambitious goal to develop the energy system of the future. Our strong partnership is laying the groundwork for a greener, competitive and more inclusive Moroccan economy.”
“We are pleased to expand our collaboration with the EBRD to better serve our corporate clients. This program builds on our previous GEFF offerings, designed to support our clients’ energy transition. Highly valued by our clients, it aligns with our responsible development strategy, in line with our environmental commitments and those of our country. It represents an opportunity for our clients and a growth driver for our bank,” said Ali Chorfi, member of the Crédit du Maroc Executive Board, in charge of Corporate and Investment Banking.
Eric Trotemann, Head of Cooperation in the European Union Delegation to Morocco, said: “I am very pleased to see the deployment of this programme in cooperation with the EBRD and local Moroccan financial partners. The European Union has concluded a Green Partnership with the Moroccan government, which establishes a framework for collaborative actions in a wide array of areas, with significant emphasis on the energy transition, climate resilience and the decarbonisation of the economy. This programme is aimed at encouraging green investments by supporting SMEs, and we look forward to the concrete positive impact on the Moroccan economy and the environment.”
Crédit du Maroc, which is majority-owned by Holmarcom Finance Company and listed on the Casablanca Stock Exchange, is a strategic partner for the EBRD in Morocco’s green lending space. The bank has a growing market share and a strong pipeline of green projects, including wind, seawater desalination, renewable energy and infrastructure.
Morocco has accelerated its green energy transition by committing to achieving net-zero emissions by 2050, establishing an ambitious benchmark in the southern and eastern Mediterranean region. However, more needs to be done to turn this commitment into reality and overcome the significant challenges ahead. This financing will play an important role in closing the financing gap for small and medium-sized green investments, helping Morocco to accelerate its green transition and meet its ambitious climate targets.Since it began operations in Morocco in 2012, the EBRD has invested almost €5.9 billion through 125 projects across the country.
* HIPCA receives active donor support from Austria, Canada, Finland, Germany, the Netherlands, Norway, South Korea, Spain, Switzerland, the TaiwanICDF, the United Kingdom and the United States of America.