The European Bank for Reconstruction and Development (EBRD), with the support of the Green Climate Fund (GCF) and the European Union (EU), has granted a loan of 25 million euros to Société Générale du Maroc (SGMB) to accelerate the Kingdom’s green transition.
Under this loan, the EBRD will provide 23.75 million of the total amount, and the GCF will provide the rest, while the SGMB will provide subloans to citizens, micro, small and medium enterprises (MSMEs) and other other companies for investments in climate change mitigation and adaptation technologies.
An EBRD statement released on Wednesday said the new financing from the European Bank is part of the Green Economy Financing Facility (GEFF) in Morocco, which is backed by the GCF. This is the second line of credit granted by the EBRD to SGMB.
The program aims to impart knowledge on climate change mitigation and adaptation technologies and contribute to raising awareness among individuals, MSMEs and businesses, as well as providing support for project appraisal and guide borrowers towards the optimal technological choices.
As part of this project, SGMB will also participate in activities aimed at strengthening gender equality, including a “train the trainer” program on “gender-sensitive green finance”, with the aim of overcoming barriers to gender-specific supply and demand.
It should be noted that the signing ceremony took place in Casablanca during the EU-Africa Business Forum 2022, held on the sidelines of the European Union-African Union Summit, in the presence of Heike Harmgart, Managing Director of the EBRD for the southern region. and the Eastern Mediterranean, Antoine Sallé de Chou, Head of the EBRD in Morocco, Jean-Christophe Filori, Head of EU Cooperation in Morocco and Ahmed El Yacoubi, Chairman of the Company’s Board of Directors General Morocco.