The European Bank for Reconstruction and Development (EBRD) – supported by the Green Climate Fund (GCF) and the European Union (EU) has granted an envelope of 25 million Euros to Bank of Africa – BMCE Group for support Morocco’s ecological transformation, said an EBRD press release.
The loan agreement was signed by Brahim Benjelloun Touimi, Executive Director and Managing Director, representing Bank of Africa – BMCE Group and Antoine Sallé de Chou, Director for Morocco representing the EBRD.
This partnership, financed by the EBRD for a total of 18.75 million Euros and the GCF for a total of 6.25 million Euros, will be granted in the form of sub-loans through Bank of Africa BMCE Group as well as its Maghrebail and Salafin subsidiaries to individuals, Small and Medium Enterprises (SMEs) and Large Enterprises for investments in climate change prevention technologies, explains the same source.
This new partnership is part of the Green Economy Financing Facility (GEFF) in Morocco supported by the GCF and builds on the fruitful cooperation put in place during its previous application with the MorSEFF program. A full package of technical assistance and investment grants, funded by the EU, will support Bank of Africa – BMCE Group in the deployment of the program.
For the European Union, this package is a concrete help for companies to find and finance the solutions best suited to their transition to the green economy in Morocco, adds the same source.