A loan of up to EUR 10 million to BMCE Bank for on-lending to private sector borrowers for sustainable energy investments. A first tranche of EUR 5 million has already been approved and signed (opid 50620).
Provision of a loan of up to EUR 10 million to Banque Marocaine de Commerce Exterieur ("BMCE") for on-lending to private sector borrowers (including SMEs) for sustainable energy investments.
The transition impact of the project is expected to derive from promoting the expansion of energy efficiency and renewable energy lending in Morocco. It will have positive demonstration effects particularly with respect to utilising financial intermediaries, for energy efficiency investments.
The project will demonstrate the benefits of rational energy utilization through improved industrial competitiveness in light of rising energy costs.
BMCE BANK OF AFRICA SA
BMCE Bank is the 3rd largest bank in Morocco with total consolidated assets of EUR 27 billion as of June 2018
EBRD Finance Summary
Total amount of EUR 10 million in two tranches :
tranche 1 - signed on 27/02/2019: EUR 5million (EBRD portion : EUR 3.75million, GCF portion: EUR 1.25 million),
- tranche 2: EUR 5million (EBRD portion : EUR 3.75million in MAD equivalent, GCF portion: EUR 1.25 million).
Total Project Cost
EBRD portion: EUR 3.75 million in MAD equivalent.
Environmental and Social Summary
Categorised FI (ESP 2014). BMCE Bank will be required to comply with PRs 2, 4 & 9, and further, mplement 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 nvironment, health and safety and labour standards and the eligibility criteria for energy efficiency "EE") and renewable energy ("RE") projects. This will be confirmed to BMCE Bank by a Project onsultant engaged by the EBRD to assess project eligibility.
TC funds of up to EUR 150k for internal capacity building of BMCE and technical assistance to subborrowers.
Company Contact Information
140 Avenue Hassan II Casablanca, Morocco
For business opportunities or procurement, contact the client company.
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Tel: +44 20 7338 7168
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