COP22: Attijariwafa launches African Fund for Energy Efficiency to tackle energy dependency in Africa

Morocco’s leading bank group Attijariwafa bank Monday marked its intention to address energy dependency on the continent as it launched the African Fund for Energy Efficiency (AFEE) established to support companies eager to reduce their energy consumption.
The group is aligning itself with global climate event taking place in the Moroccan city of Marrakech.
The Fund endowed with an initial capital of 200 million Dirhams will support companies eager to reduce energy need and embrace renewable energy.
Attijariwafa bank and its partner Suma Capital on the long run hope to increase the fund capital at 500 million dirhams.
According to various reports, AFEE will be run by a joint company owned by Attijari Invest S.A and Suma Capital SGEI S.A. based in Spain.
Also on the sidelines of the UN climate change summit, Attijariwafa bank also signed with Masen (Morocco’s solar energy agency) an agreement to promote and boost renewable energies sector in Morocco. The two partners also agreed to endorse respective and joint actions promoting environment protection and social development projects.
The partners also set targets towards the promotion of green energy funding through development of instruments such as green bonds in Morocco and in Africa.
Mohamed El Kettani, head of the leading Moroccan financial institution additionally agreed with Ahmed Nakkouch, head of Nareva (a Moroccan energy company owned by SNI of King Mohamed VI) to join their competences and fund renewable energy projects in Morocco and Southern Sahara.
Both partners have been cooperating in the giant Tarfaya wind farm projects and several others.