A new momentum is being given to green finance in Morocco. BANK OF AFRICA has just received a significant loan of 70 million euros, granted by the European Bank for Reconstruction and Development (EBRD), in partnership with the Green Climate Fund (GCF), Canada, and the European Union. The objective: to accelerate green investments from the Moroccan private sector, particularly SMEs.
This financing is part of the High Impact Partnership on Climate Action, a multilateral initiative aimed at stimulating private investment in low-carbon projects. It also relies on Morocco’s decarbonization and climate resilience program, known as PFEV Plus.
The loan consists of two equal tranches of 35 million euros each, one from the GCF and the other from the climate partnership. These funds will allow BANK OF AFRICA to offer green loans to Moroccan companies, particularly micro, small, and medium enterprises, to finance adaptation and mitigation solutions in response to climate change.
But the initiative does not stop at the financial aspect. It also includes a significant technical support component, amounting to 6 million euros, of which 2.38 million euros are grants provided by the EU. This assistance aims to strengthen the bank’s capacity in green lending while promoting an inclusive approach that pays attention to gender equality. Specialized training will be organized for BANK OF AFRICA staff to promote more accessible climate financing for women entrepreneurs.
The European Union, in addition to its technical support, will play an incentivizing role by facilitating access to investment for SMEs wishing to adopt clean technologies. Through this strategic alliance, a whole dynamic of ecological transition in the Moroccan private sector is being encouraged.
As a major player in the national banking landscape, BANK OF AFRICA is not new to partnerships with the EBRD. Since the beginning of their collaboration, around 113 million euros in green loans have been mobilized for sustainable projects. Present in 32 countries, the bank thus confirms its commitment to responsible finance.
As for the EBRD, it continues its mission of economic transformation by supporting green initiatives in its countries of operation. Since Morocco became an active member in 2012, the institution has injected more than 5.4 billion euros through 117 projects.
With this new financial boost, Morocco is strengthening its trajectory towards a low-carbon economy, where ecology and entrepreneurship now advance hand in hand.