Rabat – The European Investment Bank (EIB) announced today sealing a technical assistance deal with Credit Agricole Maroc to boost climate financing in Morocco.
In a press release, EIB announced the launch of an 18-month support mission to support Credit Agricole du Maroc (CAM) integrate climate risks, and identify climate financing opportunities.
The technical assistance agreement is part of the European Investment Bank’s (EIB) Climate Bank Roadmap, a strategy aiming to adapt banks’ financing structures to the challenges and opportunities emerging from climate change, said the press release.
Signed on Monday, September 12, the technical assistance program further aims to help CAM enhance its methodology for assessing “physical and transitional climate risks,” EIB adds.
The new technical support program is part of a partnership deal the two banks signed back in 2020. Through the deal, the EIB invested €200 million in a selection of Moroccan companies operating in agriculture and other related sectors, the statement specifies.
The deal with CAM is part of a larger EIB strategy aiming to increase green financing to 50% of the bank’s overall operations and to allocate €1 billion for sustainable and green ventures by 2030.
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Speaking on the occasion, EIB representative in Morocco, Anna Barone, said that the deal comes at “a critical time to address climate change and take concrete action to build sustainable, low-carbon models. The financial sector is part of the solution.”
She added, “As such, CAM is playing a leading role and we are delighted to bring our expertise, as a Climate Bank, to support its efforts.”
The Chairman of the Management Board of Credit Agricole du Maroc, Noureddine Boutayeb, said: “Climate change is already here in Morocco as the country is experiencing a historic drought this year.”
Boutayeb further added that “the agricultural sector is directly affected by this scarcity of water resources, as it is largely dependent on rainfall.” He spoke of corporate social responsibility as critical and necessary to help mitigate the alarmingly increasing effects of change.
“As a leader in agricultural financing, and strongly committed to sustainable development, it is our responsibility to provide our clients with the best possible support in adapting to climate change while strengthening the means of managing and mitigating this risk,” Boutayeb concluded.
