EBRD Lends € 40 Mln to Morocco’s Ports Agency for Climate Resilience
The European Bank for Reconstruction and Development (EBRD) provides Moroccan Agence Nationale des Ports (ANP) a €40 million loan to enable the agency enhance climate resilience of ports of the North African Kingdom.
The loan is the first to a Moroccan state-owned entity without a sovereign guarantee. It will comprise two tranches: a €15 million committed loan and €25 million of uncommitted capital. The loan will be supplemented by an investment grant of US$ 5.7 million from the Global Environmental Facility (GEF).
The loan agreement was announced during at the Bank’s 31st Annual Meeting and Business Forum held in Marrakech. The EBRD will also furnish ANP with a comprehensive technical capacity package, funded by a US$ 500,000 grant from the GEF and a US$ 1 million grant from the Bank itself.
The package aims to provide systematic support for the climate resilience of Moroccan ports. It will lead to the establishment of a working group, comprising key stakeholders in the Moroccan port sector, to facilitate informed and climate-aware decision-making, as well as better environmental management and standards for ANP.
Commenting the EBRD financial support, Moroccan minister of Equipment and Water Nizar Baraka said: “The project is in line with Morocco’s national strategic management plan, with ANP set to play a key role in large-scale infrastructure projects aimed at keeping up with changes in maritime transport and trade outside of Morocco.”
EBRD President Odile Renaud-Basso said: “The Bank is committed to promoting green transition and climate resilience in Morocco and in all economies where it operates. Supporting ANP, together with the GEF, in mainstreaming climate change adaptation measures in the port sector will provide a replicable model for Morocco and the region.”
ANP General Manager Nadia Laraki welcomed the conclusion of the contractual process with the EBRD and thanked the GEF for its commitment. She also indicated that the sub-projects financed by the loan would reflect ANP’s commitment to making climate change a real input to its strategic vision.
Morocco is a founding member of the EBRD and became an investee economy in 2012. To date, the EBRD has invested more than €3.4 billion in Morocco through 85 projects.