In the race to achieve their climate goals, African countries are increasingly in need of financing. Most of them are forced to resort to loans to access the funds needed to adapt to climate change or to mitigate emissions.
The European Bank for Reconstruction and Development (EBRD), the Green Climate Fund (GCF) and the European Union (EU) are providing 25 million euros ($ 28.2 million) to the Moroccan Bank for the commerce and industry (BMCI) to support Morocco’s green transition.
The financing of which 23.75 million euros will be provided by the EBRD and 1.25 million euros by the GCF will be provided in the form of secondary loans by the BMCI to local citizens, small and medium-sized enterprises (SMEs) and companies for climate change mitigation and adaptation technologies.
It is part of the Green Economy Financing Facility (GEFF) in Morocco supported by the GCF. A comprehensive set of EU-funded technical capacities will support BMCI in the roll-out of the program that will help companies find and finance the best solutions for their transition to the green economy.
This is the fourth collaboration between the EBRD and the BMCI since 2018. The Moroccan bank, which has been operating in the country since 1943, offers its professional clients “green packs” with advantageous conditions.
Morocco is a founding member of the EBRD. Since 2012, it has invested more than 3.1 billion euros in 78 projects carried out in the kingdom.