EBRD, EU, GCF Support Morocco’s Green Transition with €25 Mln Funding

The European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF) and the European Union (EU) have agreed to provide a financing package of up to €25million to Banque Centrale Populaire (BCP) to support Morocco’s green transition.

This is the third facility provided to BCP under the GCF Green Economy Financing Facility (GEFF) Regional Framework. BCP will extend sub-loans to the private sector, in particular small and medium-sized enterprises (SMEs), to foster investment in climate change mitigation and adaptation technologies.

The money will also be used to build BCP’s capacity, as well as for awareness-raising activities on climate change mitigation and adaptation technologies among sub-borrowers.

BCP central and regional staff will also be trained on gender-responsive green finance to help address gender-specific supply and demand obstacles.

BCP is one of the leading banking institutions in Morocco. It is present in 32 countries around the world. It is Morocco’s leading savings bank and a major player in financing the economy.

The EBRD, the GCF, and the EU had earlier announced €25 million funding to the Moroccan Bank for Commerce and Industry (BMCI), and a financial package of up to €13 million to Bank of Africa – BMCE Group (BOA) in support of Morocco’s plan for the green transition.

Morocco is a founding member of the EBRD. Since 2012, the Bank has invested almost €3.8 billion in 90 projects carried out the country and covering nearly all sectors.