The European bank for reconstruction and development (EBRD) has awarded trophies to 16 Moroccan projects, which made energy savings of 82 GWh/year and reduced greenhouse gas emissions by 23,700 tons of CO2, equivalent to more than 1 million trees planted.
The awarded energy efficiency and renewable energy projects were carried out under the Morocco Sustainable Energy Financing Facility (MorSEFF), an EBRD program that supports investments by small and medium-sized enterprises (SMEs) and larger corporates through extending loans to local partner banks for on-lending. Around 80 per cent of the beneficiaries under MorSEFF were SMEs.
The €110 million program was developed in cooperation with Agence Française de Développement (AFD), the European Investment Bank (EIB) and the German Kreditanstalt für Wiederaufbau (KfW).
The Moroccan projects, which won EBRD awards, adopted state-of-the art technical solutions and made energy efficiency investments in agricultural, hospitality, manufacturing and other private sectors.
Four participating financial institutions received special MorSEFF awards for an excellent engagement in the program. Key Moroccan and international government and non-government institutions that provided support in the program implementation were also recognized.
Speaking at the prizes awarding ceremony held Tuesday in Casablanca, Marie-Alexandra Veilleux-Laborie, EBRD Director for Morocco, said: “these awards recognize outstanding commercial decisions to improve the resilience and competitiveness of Moroccan businesses”.
“Together with partner banks, we have demonstrated the business case for investing in higher performing technologies that also help reduce greenhouse gas emissions, helping over 230 enterprises to date to reduce energy consumption, cut their costs and improve their competitiveness”, added the bank’s official.
For his part, Alessio Cappellani, Deputy Head of European Delegation to Morocco, said the EU is pleased to provide financial support to the MorSEFF program, which has also opened up new opportunities for local banks that have been able to innovate in supporting green projects.
“All this contributes to the convergence of Morocco’s political vision and the European long-term strategy (2050) for a prosperous, competitive and environmentally neutral global economy”, stressed Mr. Cappellani.