Translated version of this PSD: French
The EBRD is considering a loan to BMCE, to be on-lent to private sector borrowers (including SMEs and households) located in Morocco for sustainable energy investments.
The project will be implemented under the Morocco Sustainable Energy Financing Facility (“MorSEFF”) and will promote penetration of energy efficient and renewable energy technologies, appliances and equipment to Morocco through stimulating demand and raising awareness of the benefits of investments in such technologies
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 utilisation through improved industrial competitiveness in light of rising energy costs.
The project will also contribute to the development of the internal capacity of BMCE for financing energy efficiency and renewable energy projects.
BMCE, the third largest bank in Morocco in terms of total assets and market capitalisation.
Senior loan of EUR 5 million.
The loan will be co-financed by three other international financial institutions for an amount of EUR 15 million, with EUR 5 million provided by each of the European Investment Bank (“EIB”), the Agence Française de Développement (“AFD”) and Kreditanstalt für Wiederaufbau (“KfW”).
EUR 20 million.
Categorised FI. BMCE will be required to comply with the EBRD's Performance Requirements 2 and 9 and submit annual environmental and social reports to the EBRD.
The project will be supported by a comprehensive TC programme implemented under MorSEFF to provide support to BMCE and to its clients.
Grants were provided by the European Union Neighbourhood Facility – South (EU NIF South), and the EBRD South and East Mediterranean (SEMED) Multi Donor Fund to fund a Project Consultant, who will provide support in the design and successful implementation of the facility. Additionally, a Verification Consultant (VC) will ensure that sub-projects were successfully implemented.
BMCE will also be benefiting from a non-TC grant from the EU NIF-South for investment incentives to BMCE and to its clients.
Walid Fayad, Principal Banker, Financial Institutions Group, EBRD – email@example.com
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