Morocco’s ecological transition could take a new step forward thanks to financial support from the European Bank for Reconstruction and Development (EBRD) to the Société Générale Marocaine de Banques (SGMB). A loan of 30 million euros is under consideration as part of the MidGEFF Morocco program, aimed at supporting private investments in high climate impact projects.
A structured envelope to accelerate green finance
The proposed loan is part of a larger framework of 55 million euros, which includes an additional financing of 25 million through the GEFF III program. The operation also benefits from international co-financing, notably from Canada, amounting to 2.4 million euros via the HIPCA (High Impact Partnership on Climate Action) fund, with support from the European Union.
This set aims to channel financing towards Moroccan companies engaged in the fight against climate change. The priorities concern projects for reducing greenhouse gas emissions, climate adaptation, and reducing environmental footprints in major economic sectors.
Objective: a low-carbon Moroccan economy
Through this partnership, SGMB will be able to grant loans to companies carrying green initiatives. The scope of action is broad: energy efficiency in industry, renewable energies, sustainable buildings, waste management, circular economy, and climate and water-related adaptation solutions.
The stated goal is to support the transformation of the Moroccan productive fabric towards a low-carbon model while enhancing its resilience and competitiveness in the long term.
Strict environmental requirements
In return for this support, SGMB will have to ensure a high level of rigor in the selection of financed projects. It will need to implement an environmental and social management system compliant with EBRD standards, specifically performance standards 2, 4, and 9, in addition to complying with Moroccan regulations regarding environment, health, and workplace safety.
Beneficiary companies must also meet these criteria. Technical assistance, funded by the European Union under the Morocco Decarbonisation and Climate Resilience (MDCR) program, will support strengthening SGMB’s capacity to effectively manage these projects and ensure their monitoring.
A strong signal for the decarbonization of the banking sector
With a transition impact score estimated at 60, this project confirms EBRD’s commitment to making the banking sector a driver of ecological transition in Morocco. By structuring green financing and imposing clear requirements, the institution contributes to creating a conducive environment for the emergence of a more sustainable and resilient economy.
This partnership reinforces an already well-established dynamic within SGMB, a committed player in sustainable finance, and aligns with Morocco’s broader ambition to become a regional leader in decarbonization.
With Les Ecos