Morocco’s green transition gets €25 Mln funding from EBRD, GCF & EU

The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union, provides €25 million to Banque Marocaine pour le Commerce et l’Industrie (BMCI) to support Morocco’s green transition.

The financing, of which a total of €23.75 million will be provided by the EBRD and €1.25 million by the GCF, will be extended as sub-loans by BMCI to local citizens, small and medium-sized enterprises (SMEs) and corporations for climate change mitigation and adaptation technologies.

The new EBRD financing comes under the Green Economy Financing Facility (GEFF) in Morocco, which is supported by the GCF. A comprehensive technical capacity package, funded by the EU, will support BMCI in the deployment of the program which will help companies to find and finance the solutions best suited to their transition to the green economy in Morocco.

This is the fourth collaboration between the EBRD and BMCI since 2018. The Moroccan bank, which operates in the country since 1943, offers its business clients “green packs” with advantageous conditions.

Morocco is a founding member of the EBRD. Since 2012, the European bank has invested more than €3.1 billion on 78 projects carried out across the Kingdom.