Provision of up to USD 26,250,000 (Equivalent to EUR 24,760,000 as of 26/04/2022) unsecured loan under the GCF GEFF Regional - Morocco II framework to Banque Centrale Populaire ("BCP"), of which up to USD 25,000,000 in EUR equivalent to be provided by EBRD and up to USD 1,250,000 by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework. The proceeds of the loan will be used for financing investments in climate change mitigation and adaptation technologies.
The project will facilitate a green economy transition in Morocco by on-lending to private sector sub-borrowers to implement green investments in energy efficiency, renewable energy and climate resilience measures.
ETI score: 75
The transaction is the 3rd facility provided by EBRD to BCP under the GCF - GEFF Regional Framework in Morocco. 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.
BANQUE CENTRALE POPULAIRE DU MAROC
BCP is the second largest bank in Morocco in terms of lending with a market share of 23% and operates though an extensive branch network throughout Morocco.
EBRD Finance Summary
EBRD finance provided in Euro
Total Project Cost
Total project costs equivalent to EUR 24.8m.
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
Categorised FI (ESP 2019). BCP is an existing Client of the Bank and has demonstrated compliance with EBRD's requirements for FIs. BCP should continue to comply with PRs 2, 4 & 9, and further, implement and comply with the relevant EBRD's Environmental & Social (E&S) Procedures. Beneficiaries financed through the Facility will be required to comply with national requirements for environment, health and safety and labour standards and the Bank's eligibility criteria for energy efficiency ("EE") and renewable energy ("RE") projects. This will be confirmed to BCP by a Project Consultant engaged by the EBRD to assess project eligibility.
The Project's use of proceeds may include solar sub-projects. Such sub-projects will be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach. The Project is consistent with the GET approach, with a GET share of 100%.
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 BCP 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
Mounir El Bahlouli
104 Bd Abdelmoumen, Casablanca 20250, Maroc
PSD last updated
04 May 2022
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