- EBRD and GCF to provide financing of up to €25 million to Crédit du Maroc under GEFF programme
- Investment incentives of up to 10 per cent will be paid to eligible sub-projects
- Loans to finance investments dedicated to climate change mitigation and adaptation technologies
The European Bank for Reconstruction and Development (EBRD), with support from the Green Climate Fund (GCF), and the European Union, is providing a financial package of up to €25 million to Crédit du Maroc to boost Morocco’s green transition.
The financing, of which the equivalent of €18.75 million in local currency (MAD) will be provided by the EBRD and €6.25 million by the GCF, will be on-lent to small and medium-sized enterprises and to corporates for investments in climate change mitigation and adaptation technologies.
The signing ceremony took place in Casablanca during the EU-Africa Business Forum 2022, which was held on the margins of the European Union – African Union Summit, in the presence of Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, Antoine Sallé de Chou, EBRD Head of Morocco, Jean-Christophe Filori, Head of Cooperation of the EU in Morocco and Bernard Muselet, President of the Board of Credit du Maroc.
A comprehensive technical capacity package and investment incentives, funded by the EBRD, the European Union (EU) and the GCF, will support Crédit du Maroc in the deployment of the programme.
As part of this package, Crédit du Maroc will also enhance equal opportunities for women and men to access finance for green technologies. The institution will achieve this by conducting awareness-raising activities among potential sub-borrowers, building the capacity of its staff to help address gender-specific obstacles to supply and demand, and carrying out gender-related baseline assessments.
The financing is the fourth project under the Green Economy Financing Facility (GEFF) in Morocco – which is supported by the GCF – and the second green facility that the EBRD has provided to Crédit du Maroc.
Crédit du Maroc, a subsidiary of the Crédit Agricole France group, is a major participant in the development of the Moroccan economy, with an extensive commercial network (more than 310 points of sale) throughout the country.
Morocco is a founding member of the EBRD and became an investee economy in 2012. To date, the EBRD has invested close to €3.2 billion in the country through 80 projects.