IFC, Cluster Solaire support Cleantech start-ups’ ecosystem building in Morocco
IFC, a member of the World Bank Group, and the Cluster Solaire, an association of Moroccan sustainable energy actors for local industry development and start-up incubation, have launched a new Morocco Climate Entrepreneurship Program supporting cleantech start-ups in designing and marketing their clean energy solutions.
IFC will collaborate with the Cluster Solaire to improve linkages with ecosystem partners to increase the quality of the cleantech pipeline and the investment readiness of firms to access early stage funding. IFC will also work jointly with the Cluster to improve its business model and the services it provides to cleantech firms.
“Securing a greener future depends on pursuing an inclusive, economically, socially and environmentally beneficial energy transformation,” said Obaid Amrane, Permanent Secretary of Cluster Solaire. “Thanks to IFC support, we will be able to create the necessary bridges, develop synergies, stimulate innovation, build capacity, and unlock access to finance to accelerate clean business development in line with Morocco's national clean energy goals.”
By building the capacity of the Cluster Solaire and local ecosystem players to support and scale climate technology businesses, the project is expected to help unlock the country’s clean technology markets. This will help create high-quality jobs in these sectors while also helping Morocco mitigate climate-related challenges.
“Supporting the Cluster Solaire and key partners to better help entrepreneurs will allow smaller businesses and start-ups acquire the skills and financing they need to grow, create jobs and contribute to Morocco’s growth and climate targets,” said Alejandro Alvarez de la Campa, IFC Finance, Competitiveness and Innovation Manager for the Middle East and Africa.
Support to climate entrepreneurs is a key component of IFC’s creating markets and climate strategies. Innovation projects in climate sectors drive growth and climate mitigation and adaptation to improve countries’ resilience to climate change.