London - The European Bank for Reconstruction and Development (EBRD), the French Development Agency (AFD) and the European Investment Bank (EIB) granted a loan of 35 million euros to the "Banque marocaine du commerce extérieur" (BMCE Bank of Africa) and its subsidiary "Maghrebail", said EBRD in a statement issued on Wednesday in London.
London – The European Bank for Reconstruction and Development (EBRD), the French Development Agency (AFD) and the European Investment Bank (EIB) granted a loan of 35 million euros to the “Banque marocaine du commerce extérieur” (BMCE Bank of Africa) and its subsidiary “Maghrebail”, said EBRD in a statement issued on Wednesday in London.
The three bodies joined together to support initiatives aimed at promoting Morocco’s sustainable energy, with the support of the EU neighborhood investment facility.
This funding is the third of its kind granted under Morocco Sustainable Energy Financing Facility, which a comprehensive program meant to boost sustainable energy investment via financial institutions.
The EBRD-led program is aimed at financing projects on energy efficiency and small projects related to renewable energy. The BMCE Bank of Africa will pass on the money to small-sized and medium-sized enterprises and big industrial and commercial companies, including those involved in the sectors of commercial construction and energy services.
The Bank will raise the awareness of its client through the promotion of technologies contributing to energy efficiency and the development of renewable energy, as well as the expansion of local production.
A global technical assistance and investment subsidies, financed by the EU and the Southern and Eastern Mediterranean Multi-Donor Account (SEMED MDA), will back the BMCE Bank of Africa to design trade development tools and efficiently deploy this program.
The contributors of SEMED MDA are Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Taipei China and the United Kingdom.