Moroccan bank BMCE Bank of Africa and its leasing subsidiary Maghrebail received a €35 million loan granted by the European Bank for Reconstruction and Development (EBRD), Agence Française de Développement (AFD) and the European Investment Bank (EIB).
The three financial institutions are teaming up to strengthen sustainable energy measures in Morocco, with the support of the European Union Neighborhood Investment Facility (EU NIF).
The finance line is the third under the Morocco Sustainable Energy Financing Facility (MorSEFF), a comprehensive program for sustainable energy investments through financial institutions.
The proceeds of this EBRD-led facility are dedicated to financing energy efficiency and small-scale renewable energy investments. BMCE Bank of Africa will on-lend to small and medium-sized enterprises and corporates in the commercial and industrial sectors, including commercial construction and energy service companies.
BMCE Bank of Africa will also raise awareness among its clients, promoting energy-efficient and renewable energy technologies and strengthening local production.
In addition, comprehensive technical assistance and investment incentives, funded by the EU NIF and by the EBRD Southern and Eastern Mediterranean (SEMED) Multi-Donor Fund, will provide support to BMCE Bank of Africa in the design of business development tools and the successful implementation of the facility.
It will also allow the bank’s clients to receive support for project implementation, as well as investment incentives, encouraging them to make sustainable energy investments.
Donors to the SEMED Multi-Donor Fund include: Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Taipei China and the United Kingdom.