- EBRD launches a new credit line in Morocco dedicated to green investments and the development of value chains
- €20 million loan to Société Générale Maroc
- New credit line supported by the European Union and the Green Climate Fund
The European Bank for Reconstruction and Development (EBRD) has launched a new credit line in Morocco to provide finance to small and medium-sized enterprises (SMEs) investing in energy and resource efficiency and developing their value chains.
The finance aims to boost the competitiveness of Moroccan SMEs and support their integration into local and international markets.
The EBRD is providing a loan of €20 million to Société Générale Maroc, the first partner bank in the new credit facility.
The loan is supported by grant funding provided by the European Union and the Green Climate Fund.
Société Générale Maroc will use the finance from the credit line to make loans to SMEs that will also benefit from free of charge expert advice on their environmentally-friendly investments. Société Générale Maroc will also benefit from technical assistance to help prepare and promote the credit line.
Investment by the SMEs in “green” technology helps them become more competitive and increases their access to new markets
The loan agreement signed today - by Société Générale Maroc President and CEO Ahmed El Yacoubi and EBRD Director Marie-Alexandra Veilleux-Laborie, in the presence of the EU Delegation - strengthens the partnership between SGMB and EBRD since 2012.
Promoting greener economies is a priority for the EBRD, which has successfully implemented the Morocco Sustainable Energy Financing Facility (MorSEFF), a credit line focusing on energy efficiency.
For Société Générale Maroc, this partnership is part of its commitment to help SMEs and to improve their competitiveness and sustainability. It is how Société Générale Maroc is reasserting itself as a committed social player, supporting positive change in Morocco.”
Since the start of its engagement in Morocco in 2012, the EBRD has invested over €1.8 billion, in 52 projects that also include financing for sustainable energy and infrastructure in addition to providing business advise to more than 550 Moroccan SMEs.