The European Bank for Reconstruction and Development (EBRD) has just launched a new financing program to promote the green economy in Morocco. Named “Green Economy Financing Facility Morocco” (MidGEFF), this program has a budget of 250 million euros aimed at medium-sized enterprises and large companies for large-scale green projects.
The MidGEFF Morocco plans to grant 230 million euros in the form of senior loans, along with an additional co-financing of 20 million euros in the form of concessional loans from Canada, through its HIPCA (High-Impact Partnership on Climate Action) program. This initiative, which still requires approval from the EBRD in December 2024, will enable partner Moroccan financial institutions (PFIs) to support green projects exceeding 5 million euros.
**Objectives for a Sustainable Economy**
The funds from the MidGEFF Morocco will be directed towards initiatives in renewable energy, energy efficiency, green buildings, waste valorization, climate adaptation, and the circular economy. Renewable energy projects will be limited to an installed capacity of 20 MW, while non-renewable initiatives cannot exceed financing of 15 million euros. In addition to financial assistance, the program aims to enhance the skills of PFIs and Moroccan companies in terms of environmental sustainability and financial viability.
**Technical Assistance and Expertise**
The program is accompanied by comprehensive technical assistance covering project identification and evaluation, risk management, and monitoring of environmental impact. A specialized consultant will be made available to ensure compliance with regulatory standards and supervision of results. This initiative reinforces the EBRD’s commitment to combining financing and technical expertise to accelerate the green transition in Morocco.
**HIPCA and Commitment to Climate**
The program benefits from the support of HIPCA, a multilateral initiative of the EBRD aimed at reducing greenhouse gas emissions and strengthening climate resilience. This international alliance supports projects in eight areas, including sustainable energy systems, green infrastructure, and economic inclusion. In 2023, Canada also joined this partnership to strengthen climate action and promote a sustainable economy.
With this program, the EBRD aims to strengthen the Moroccan economy by directing investments towards environmentally friendly and climate-resilient growth.