EBRD Supports Morocco’s Green Economy with €20 Mln Loan
The European Bank for Reconstruction & Development (EBRD) has approved a €20 million loan to Moroccan Bank “Crédit du Maroc” to boost green investment of SMEs and contribute to the development of value chains in the North African Kingdom.
The EBRD funds will be extended as sub-loans to local SMEs that plan to invest in energy and resource efficiency measures and develop their participation in regional value chains. Energy efficient solutions will help SMEs to increase their competitiveness and access new markets.
The European Union (EU) and the Green Climate Fund (GCF) are providing grants to help promote and implement the credit line. In addition, borrowers will benefit from free expert advice on green investment.
The agreement of credit line was inked on Tuesday by the EBRD Managing Director for Financial Institutions, Francis Malige, and CEO of Crédit du Maroc, Bernard Muselet, in the presence of representatives from the EU Delegation in Morocco.
In June last year, the EBRD had approved a similar €20 million loan for Société Générale du Maroc to enable the bank support SMEs involved in value chains and their green investments.
The loans are 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.
Promoting greener economies is a priority for the EBRD. In Morocco, the Bank has a track record of successfully implementing energy efficiency credit lines such as the Morocco Sustainable Energy Financing Facility (MorSEFF).
Morocco is a founding member of the EBRD. Since 2012, the European Bank for Reconstruction & Development has invested around €2 billion in the country through 60 projects.