The loan agreement was signed by Antoine Sallé de Chou, Head of the EBRD’s office in Morocco, and Brahim Benjelloun-Touimi, Director and Delegate General Manager, representing Bank of Africa - BMCE Group.
The financing, of which a total of €18.75 million will be provided by the EBRD and €6.25 million by the GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local citizens, small and medium-sized enterprises (SMEs) and corporates for investment in climate change mitigation and adaptation technologies, the same source added.
The new EBRD financing comes under the Green Economy Financing Facility (GEFF) in Morocco, which is supported by the GCF, and will build on the successful cooperation in implementing the Morocco Sustainable Energy Financing Facility (MorSEFF) programme. A comprehensive technical capacity package complemented by investment incentives, both funded by the EU, will support Bank of Africa - BMCE Group in the deployment of the programme.
The EU considers this package to be a concrete help for companies to find and finance the solutions that are best suited to their transition to the green economy in Morocco, the statement noted.