EBRD Lends €20 Mln to Moroccan SGMB Bank to Support Green Projects
The European Bank for Reconstruction and Development (EBRD) has approved a €20 million loan for Société Générale Maroc to enable the bank support SMEs involved in value chains and their green investments.
The loan is part of an EBRD program focusing on improving SMEs participation in value chains supported by the European Union and the green component is supported by the Green Climate Fund.
Eligible SMEs will benefit from an attractive financing and free of charge technical expertise and advice on their green investment projects. Société Générale Maroc (SGMB) will also benefit from technical assistance to help prepare and promote the credit line, and verify the successful implementation of the green equipment.
The acquisition of green equipment will allow SMEs to provide more competitive products and increase their exports and access to new markets by linking to international companies.
Promoting greener economies is a priority for the EBRD, which has successfully implemented the Morocco Sustainable Energy Financing Facility (MorSEFF), a credit line focusing on energy efficiency.
For Société Générale Maroc, this partnership is part of its commitment to help SMEs and to improve their competitiveness and sustainability. It is also a way for SGMB to reassert itself as a committed social player, supporting positive change in Morocco.
Since the start of its engagement in Morocco in 2012, the EBRD has invested over €1.8 billion in 52 projects that also include financing for sustainable energy and infrastructure in addition to providing business advice to more than 550 Moroccan SMEs.