EBRD, GCF, EU & Canada support Morocco’s green funding with €70 Mln Loan

The European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF), the European Union, and Canada through the EBRD’s High-Impact Partnership on Climate Action (HIPCA) have agreed to provide Moroccan Bank of Africa a €70 million loan destined to boost access to green finance for private sector and promote capacity building for women-led businesses.

A press release issued Thursday by EBRD said the financing package will be provided through the EU-backed Morocco Decarbonization & Climate resilience program (GEFF+) in Morocco and will consist of a senior unsecured loan of up to €35 million to be provided by the GCF and a senior unsecured loan of up to €35 million co-financed by HIPCA.

The funding will enable Bank of Africa to provide loans to Moroccan private-sector companies – including micro, small and medium-sized enterprises seeking to invest in climate change mitigation and adaptation technologies.
The financing will be complemented by a comprehensive technical cooperation package worth a total of €6 million, with the EU providing €2.38 million in investment grants and the GCF providing the other €3.62 million.

Morocco is a founding member of EBRD. Since 2012, the European bank injected €5.4 billion in 117 projects carried out in the North Africa Kingdom.