- EBRD and Green Climate Fund provide a loan of €20 million to Crédit du Maroc
- SMEs in Morocco to invest in green solutions and integration into value chains
- European Union providing grant support
The EBRD provided a €15 million loan and the Green Climate Fund (GCF) another €5 million in concessional finance. These funds will be extended as subloans to local companies that plan to invest in energy and resource efficiency measures and develop their participation in regional value chains. Energy efficient solutions will help SMEs to increase their competitiveness and access new markets.
The European Union (EU) and the GCF are providing grants to help promote and implement the credit line. In addition, borrowers will benefit from free expert advice on green investment.
The loan was signed by the EBRD Managing Director for Financial Institutions, Francis Malige, and the CEO of Crédit du Maroc, Bernard Muselet, in the presence of the EU Delegation to Morocco.
Promoting greener economies is a priority for the EBRD. In Morocco, the Bank has a track record of successfully implementing energy efficiency credit lines such as the Morocco Sustainable Energy Financing Facility (MorSEFF).
The GCF’s and EBRD’s partnership for transformation has seen the GCF support six EBRD programmes with US$ 830 million (€730 million equivalent), catalysing more than US$ 3.6 billion (€3.2 billion equivalent) in total project value. The GCF is the largest climate fund in the world supporting the efforts of developing countries to respond to the challenge of climate change.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested around €2 billion in the country through 60 projects.