Denver- A major agreement signed by Morocco and several European investors has the potential to significantly transform the sustainability initiatives of Morocco.
Members of the European Bank for Reconstruction and Development, the Green Climate Fund, and the EU agreed to provide $29.3 million in funds to Morocco’s Bank for Foreign Trade (BMCE) in Africa. The funding is part of a loan agreement signed by BMCE Africa’s managing director, Ibrahim Benjelloun Touimi, and European Bank for Reconstruction and Development representative, Antoine Salle de Chaux.
The massive capital investment will be divided into sub loans for BMCE as well as its subsidiaries Salafin and Maghrebail. The funding will be available as loans for individuals, small and medium businesses, as well as large corporations. In exchange for the loans, companies will be obligated to invest in technology that contributes to fighting climate change.
BMCE representatives highlighted the current funding project builds on previous cooperation agreements between Morocco and the Green Climate Fund. The agreement provides Morocco with a more sustainable future through its transition to the green economy.
The EU will support BMCE’s implementation of the new financial program, through a “complete package” of technical assistance and other investments.
The latest package is an additional resource that will provide a tangible avenue of assistance for businesses looking to improve their positive environmental impact in the country. Morocco has focused on the business sector in its push to transition the economy into more sustainable practices. The country’s top businesses have even been recognized on the international stage for their conservation efforts and environmentally conscious business framework.
