Provision of up to EUR 25 million unsecured loan under the GCF GEFF Regional- Morocco II framework to Societe Generale Maroc, of which up to EUR 23,750,000 equivalent in MAD to be provided by EBRD and up to EUR 1,250,000 by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework. The proceeds of the GCF GEFF loan will be on-lent to private companies to finance Green Economy investments in climate change mitigation and adaptation technologies.
The project will facilitate a green economy in Morocco by on lending to individuals and private sector sub-borrowers to implement green investments in energy efficiency, renewable energy and climate resilience measures.
ETI score: 75
The project supports the Green TI quality through the provision of funding and know-how to financial intermediaries financing private sector investments in high performing climate change mitigation and adaptation technologies and solutions. This will facilitate Morocco's transition to environmentally sustainable, low-carbon and climate-resilient economy.
The project is also contributing towards building a green economy by facilitating the expansion of green energy and resource efficiency lending in Morocco and showing positive demonstration effects.
SOCIETE GENERALE MAROCAINE DE BANQUES
Societe Generale Maroc is a universal bank created in 1913 and managed in accordance with international standards enacted by its main shareholder, the Societe Generale group. With more than 420 branches and 4,000 employees, Societe Generale Maroc is the largest international financial group in Morocco and was awarded the Best Foreign Bank in Morocco by EMEA Finance Magazine in 2020. Increasingly focused on E&S standards, Societe Generale Maroc is playing a leading role in financing climate change initiatives and sustainable development in Morocco.
EBRD Finance Summary
Total Project Cost
The project will build on the successful experience of existing green products. The project will offer a combination of medium-term financing and technical expertise into a package that promotes targeted investment in climate mitigation and adaptation technologies in the private sector in Morocco.
Furthermore, the client will benefit from EBRD's expertise to enhance women and men's equal opportunity to access finance provided under the GEFF programme for the adoption of green technologies. Therefore, the project will ultimately help women and men sub-borrowers build their resilience in the face of a changing climate.
Environmental and Social Summary
Categorized FI (ESP 2019). Societe Generale Maroc is an existing Client of the Bank, who has been regularly and satisfactorily reporting on their E&S performance under previous exposure. Societe Generale Maroc will continue to comply with Performance Requirements (PRs) 2, 4 and 9, adopt and implement the EBRD's E&S Risk Management Procedures for SME and Micro Lending and submit Annual Environmental and Social Reports to the Bank. Beneficiaries financed through the Green Economy Financing Facility will be required to comply with national requirements for environment, health and safety and labour standards and the eligibility criteria for Green projects.
Technical Cooperation and Grant Financing
The implementation of the GCF GEFF loan will be supported by a comprehensive Technical Cooperation ("TC") programme to provide implementation support to Societe Generale Maroc and sub-borrowers. The TC programme will also support gender activities that aim to enhance women and men's equal opportunity to access climate finance for green technologies. The TC is expected to be funded by the grant resources from the European Union, the Green Climate Fund and EBRD's Shareholder Special Fund ("SSF").
Company Contact Information
55, Bd Abdelmoumen Casablanca, Maroc
PSD last updated
02 Feb 2022
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