The European Bank for Reconstruction and Development (EBRD) has joined forces with the Green Climate Fund (GCF) to allocate $10 million to Bank of Africa. Through its Maghrebail subsidiary, the local bank will use the funds to finance green projects carried out by small and medium-sized enterprises (SMEs) in Morocco.
The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) support the green economy in Morocco. The two financial institutions have mobilised $10 million for Bank of Africa. The funds are intended to finance green projects carried out by Moroccan small and medium-sized enterprises (SMEs).
The EBRD is providing $7.5 million and the FVC $2.5 million. The funds will then be lent to SMEs by Maghrebail, the leasing subsidiary of Bank of Africa. The financing will mainly benefit SMEs that plan to invest in “energy efficiency and resource efficiency projects and to develop their participation in regional value chains”.
“The green solutions deployed will help SMEs to increase their competitiveness and access new markets. The proposed solutions include the adoption of green technologies that will enable Moroccan SMEs to achieve higher productivity while reducing their energy consumption,” the EBRD said.
The London-based bank is part of the Green Value Chain (GVC) programme in Morocco. The initiative focuses on supporting SME investment in energy efficiency and value-for-money measures and their integration into regional value chains.
The GVC programme is supported by the GCF, the European Union (EU) and the South Korean government.
Jean Marie Takouleu