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Rabat – The European Bank for Reconstruction and Development (EBRD) is joining forces with the Green Climate Fund (GCF) and the European Union (EU) to allocate a financing package of €25million to Banque Centrale Populaire (BCP) to support Morocco’s green transition and increase women’s access to climate finance.
EBRD announced today that this is the third facility it has provided to BCP under the GCF Green Economy Financing Facility (GEFF) Regional Framework.
BCP will offer sub-loans to the private sector, particularly small and medium-sized enterprises (SMEs) to encourage investment in climate change mitigation and adaptation technologies.
The EU will grant €2.7 million as a 10% cash-back incentive for borrowers on the successful completion of eligible projects.
Additionally, a €4.4 million technical cooperation package will support the project’s preparation, implementation, and overall monitoring.
Along with enhancing BCP’s capabilities, the funds will also be used to educate sub-borrowers about climate change mitigation and adaptation strategies.
The project also sheds light on women’s access to climate finance. To help address “gender-specific supply and demand challenges,” BCP central and regional staff will also receive training on “gender-responsive green finance.”
Antoine Salle de Chou, head of the EBRD’s Moroccan Resident Office, and Mohammed Kamal Mokdad, general manager of BCP, signed the loan agreement in Casablanca in the presence of Group President Mohamed Karim Mounir, as well as several of the country’s leading economic figures.
EBRD strengthening green investments in Morocco
The EBRD has launched several initiatives to assist Morocco’s transition to a green economy.
Morocco is one of the nations best suited for a green revolution, the bank’s president emphasized in a previous statement, noting that EBRD’s renewable energy resources, particularly wind and solar, can help the country meet its environmental goals at a lower cost.
In May, the EBRD signed a Memorandum of Understanding (MoU) with Bank Al-Maghrib and Groupement Professionnel des Banques du Maroc (GPBM), to promote green finance and support climate and environmental risk management in Morocco.
Additionally, in an effort to aid the nation’s transition to a low-carbon economy, EBRD and Climate Investment Fund (CTF) provided €53.5 million to repower Africa’s oldest wind farm Koudia Al Baida, which is situated in the Tlat Taghramt region near Tangier.
Read Also: EBRD, CTF Allocate €53.5 Million To Repower Morocco’s Koudia Al Baida Wind Farm
