EBRD, GCF boost green economy and value chains in Morocco
The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF), is promoting the competitiveness of small businesses and investments in the green economy in Morocco with the provision of a comprehensive financial package of up to €10 million to Bank of Africa - BMCE Group.
Promoting greener economies is a priority for the EBRD. This package, of which a total of €7.5 million will be provided by the EBRD and €2.5 million by GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local small and medium-sized enterprises (SMEs) that plan to invest in energy and resource efficiency projects and develop their participation in regional value chains.
The deployed green solutions will help SMEs increase their competitiveness and access new markets. Proposed solutions include the uptake of green technologies that will allow Moroccan SMEs to achieve better productivity while reducing their energy consumption. The EBRD financing comes under the Green Value Chain programme (GVC) in Morocco, which is supported by the EU, GCF and Republic of Korea.
A comprehensive technical capacity package will support Bank of Africa - BMCE Group in the implementation and monitoring of the programmes. The loan agreement was signed by Brahim Benjelloun Touimi, Director and Delegate General Manager; Mohamed Agoumi, Delegate General Manager; and Omar Tazi, Delegate General Manager, representing Bank of Africa - BMCE Group and by Mike Taylor, Head of Financial Institutions of the SEMED region, representing the EBRD.
Bank of Africa - BMCE Group is the third-largest bank in Morocco and is listed on the Casablanca Stock Exchange. The bank has been a partner of the EBRD since 2013, when the first trade finance facility was signed. The GCF and the EBRD’s partnership for transformation has seen the GCF support six EBRD programmes with US$ 830 million, catalysing more than $3.6 billion in total project value. The GCF is the largest climate fund in the world to support the efforts of developing countries to respond to the challenge of climate change.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested more than €2.8 billion in the country through 73 projects.