Green Financing tops EBRD’s 2021 investments in Morocco
Through its Green Economy Financing Facility (GEFF) and the Green Value Chain Program, the EBRD provided a total of €88 million to partnering banks to help small and medium-sized enterprises and companies invest in climate change mitigation and adaptation technologies.
A €6 million loan to Lamatem, a Moroccan producer of high-end medical garments, was the first EBRD project to be backed by a risk-sharing guarantee from the European Union under its European Fund for Sustainable Development (EFSD) program, which is helping to address short-term liquidity needs in the context of recovery from the Covid-19 pandemic.
Under the same program, the EBRD also provided a €10 million loan to pan-African mattress manufacturer Dolidol to fund a recycling project to transform used polyethylene terephthalate (PET) bottles into polyester fibres for bedding products.
In 2021, the EBRD continued to promote foreign direct investment (FDI) and regional integration by participating in an environmental, social and governance (ESG)-linked bond issued by Faurecia, a leading European automotive supplier, to finance its operations in Morocco and support its goal of becoming carbon neutral by 2025.
The Bank assisted 75 small and medium-sized enterprises (SMEs) through its advisory program with a special focus on digital technologies, women entrepreneurs and green issues.
Morocco undertook a number of key reforms in 2021. With the EBRD’s support, for example, the Moroccan National Energy Regulatory Authority approved the country’s first ever electricity grid code, a key milestone in the liberalization of the electricity sector and the development of new renewable capacity.
Morocco will host the EBRD’s Annual General Meeting for the first time in 2022. It will be held in Marrakech next May 10 through 12.