Rabat – Credit Agricole du Maroc unveiled on Sunday a new type of mortgage, inviting city-dwelling residents to invest in the Moroccan countryside.
The bank’s “Sakan Qaraoui” (Green Loan) housing loan will allow Moroccans to buy land in rural areas and make the necessary arrangements to build housing there. The new loan comes at a time when an increasing number of urban residents are showing interest in life in the countryside, a trend that the state of emergency lockdown in 2020 accelerated.
In response, the Credit Agricole du Maroc Group (GCAM) launched “Sakan Qaraoui” to provide people with real estate credit in rural areas.
Adapting to the minute details of the rural investment, the bank will grant “Sakan Qaraoui” in installments in order to meet the needs of its customers, specifies GCAM.
One unique aspect of the loan falls directly in line with Morocco’s efforts in green development. In order to secure the funding, the projects will undergo vetting to ensure that they are not too harmful to the environment. Solar energy installations, growing of organic and pesticide-free crops, and other green innovations will also be factors.
“The GCAM thus reaffirms its unwavering commitment to the service of the rural world and the entire Moroccan population by fully playing its role of junction between the urban and the rural,” reads a press release from the institution.
In March, GCAM signed 21 agreements with various stakeholders from the agricultural sector related to Morocco’s Green Generation program.
GCAM will mobilize alongside each sector to offer each a personalized plan to help achieve their objectives as part of the Green Generation strategy. The bank offers to strengthen upstream production and modernize production evaluation tools and marketing channels, and the development of domestic and international markets, as well as other necessary developments.