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Join on Telegram Rabat – Odile Renaud-Basso, the President of the European Bank for Reconstruction and Development (EBRD), said on Thursday that Morocco is one of the most well suited countries to a green revolution.
Renaud-Basso said the country’s renewable energy resources, particularly wind and solar, can help Morocco meet its environmental targets at a lower cost.
“Morocco approaches the green transition as a means of responding to environmental challenges, reducing costs and ensuring energy security,” she added.
Morocco’s position also makes it well suited to become a regional leader, according to Renaud-Basso, especially “at a time when geopolitics is pushing Europe to speed up its energy transition.”
The European bank announced that it would sign a cooperation agreement with Bank of Africa (BOA) to “support Morocco’s financial system and the country’s transition to a green economy.”
Read also: EBRD Supports Climate and Environmental Risk Management in Morocco
The agreement comes ahead of BOA’s first issuance of a social bond, with BOA’s Managing Director stressing that they meet the challenges related to climate and gender when providing assistance to enterprises.
EBRD also announced a $41 million (MAD 416 million) loan to Morocco’s National Port Agency (ANP) to “enhance the climate resilience of Moroccan ports.”
“The Bank is committed to promoting green transition and climate resilience in Morocco and in all economies where it operates,” Renaud-Basso said during the signing ceremony with Morocco’s Minister of Equipment and Water Nizar Baraka.
This all came on the heels of the EBRD’s annual meeting of the European Bank for Reconstruction and Development, which started Thursday May 12 in Marrakech.
Held under the theme “Responding to Challenges in a Turbulent World,” the meeting focused on the effects of global issues such as climate change and the ongoing war in Ukraine.
The EBRD was founded in 1991, acting as a multilateral development investment bank, with Morocco as a founding member.
To date, the bank has invested $3.5 billion (MAD 35 billion) in Morocco, distributed across 85 projects.
