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Join on Telegram Rabat – Consultancy firm Stantec has won a tinder from the European Investment Bank (EIB) for a climate action project in Morocco.
Under the deal, Stantec would partner with Credit Agricole du Maroc, a bank with major operations concentrated in the agriculture and agri-food sectors. Through the partnership, Stantec is set to support Credit Agricole du Maroc to develop its climate risk strategy, according to a statement.
According to the press release, Stantec’s partnership with the Moroccan bank would offer the latter access to state-of-the-art tools for evaluating financial operations in the context of adverse climate conditions.
In addition, Santec would help the Moroccan bank identify green finance opportunities. The consultancy is equally set to deliver training courses to the bank’s board members and staff, the statement adds.
Commenting on the EIB decision to award the tinder to Stantec, Stantec’s Climate Solutions Leader for European operations Christophe Leroy said: “the project perfectly represents our passion and expertise as a team. Stantec has been designing climate-smart solutions for businesses and communities within and outside Europe.”
“We’re especially delighted to bring this expertise to Morocco, a country where we have a long and successful history of building partnerships and working with different stakeholder communities,” Leroy added.
The EIB has a long-standing partnership with Morocco focused on agriculture. Since 2009, the EIB has issued Credit Agricole du Maroc a loan of €200 million to support agriculture activities in the North African country.
Morocco’s agriculture uses largely traditional modes of cultivation and irrigation, making it especially vulnerable to climate-induced adverse weather conditions.
This year’s drought symbolizes the level of the country’s exposure to climate change, as 70% of the annual crop yield was lost to drought.
Read Also: World Bank Approves $500 Million ‘Climate Resilience’ Loan to Morocco
