Morocco could soon strengthen its role as a continental pioneer in sustainable finance through a partnership under discussion with the European Investment Bank (EIB). The announcement was made on September 9 in Addis Ababa during the signing of an agreement between the European institution and three Ethiopian banks.
Through its EIB Global branch, the EIB has launched an ambitious program called Greening Financial Systems (GFS), supported by the German government via the International Climate Initiative (IKI). The objective is clear: to assist African financial institutions in integrating climate risks into their strategies, financing more green projects, and aligning with a low-carbon trajectory.
In Ethiopia, Zemen Bank, Dashen Bank, and Hibret Bank have already joined the initiative. They will receive technical assistance to develop tools for assessing risks related to droughts and floods, and to establish a national green taxonomy aimed at guiding sustainable investments. This roadmap is expected to contribute to the country’s ambition of carbon neutrality by 2050.
For Leyla Traoré, EIB representative in Addis Ababa, financial institutions play a crucial role in directing capital towards resilient and decarbonized projects. This view is echoed by Jochen Flasbarth, the German State Secretary for the Environment, who stresses the urgency of aligning global financial flows with the Paris Agreement to preserve economic stability.
The program is not limited to Ethiopia. The EIB has confirmed that discussions are underway to expand the GFS to other strategic African countries, including Nigeria, Egypt, Uganda, and Morocco. Rabat, committed to a national sustainable development strategy and benefiting from its advances in renewable energy, is naturally positioning itself as a key partner.
If this integration materializes, the Moroccan banking system could acquire enhanced tools for assessing and managing climate risks, while accelerating the green transition of the financial sector on a continental scale.