Rabat – The European Bank for Reconstruction and Development (EBRD) has allocated a €40 million loan for Morocco’s National Agency of Ports (ANP) to enhance the climate resilience of Moroccan ports along the Atlantic coastline.
“The loan is the first to a Moroccan state-owned entity without a sovereign guarantee,” EBRD said in a press release, noting that the package will consist of a €15 million committed loan and €25 million of uncommitted capital.
An additional investment grant of $5.7 million from the Global Environment Facility (GEF) will complement the loan.
EBRD will also provide a comprehensive technical capacity package to ANP sponsored by a $500,000 GEF grant and a $1 million EBRD grant.
The package seeks to provide systematic support for the climate resilience of Moroccan ports through the establishment of a working group that will include key Moroccan port stakeholders to facilitate informed decision-making and improve ANP’s environmental management and financial standards.
Read Also: Morocco’s Tanger Med Ranked Third Most Efficient Port in the World
Commenting on the loan, EBRD President Odile Renaud-Basso said that the bank is committed to promoting and encouraging green transition in Morocco. “Supporting ANP, together with the GEF, in mainstreaming climate change adaptation measures in the port sector will provide a replicable model for Morocco and the region,” she added.
For his part, Morocco’s Minister of Equipment and Water Nizar Baraka noted that the project aligns with the national strategic management plan “with ANP set to play a key role in large-scale infrastructure projects aimed at keeping up with changes in maritime transport and trade outside of Morocco.”
ANP General Manager Nadia Laraki echoed Baraka’s statement as she “welcomed the conclusion of the contractual process with the EBRD and thanked the GEF for its commitment.”
On May 12, EBRD President and ANP signed the loan agreement at the Bank’s 31st Annual Meeting and Business Forum in Marrakech in the presence of Moroccan Minister of Equipment and Water Nizar Baraka and Minister of Energy Transition and Sustainable Development Leila Benali.
ANP General Director, GEF representatives, and EBRD senior management also attended the ceremony.
To date, EBRD has invested more than €3.4 billion in Morocco through 85 projects.
Read Also: EBRD Supports Climate and Environmental Risk Management in Morocco
