Morocco's green transition boosted by €65 million EBRD financing for BMCI

In a significant step towards accelerating the green transition in Morocco, the European Bank for Reconstruction and Development (EBRD) announced on Tuesday the provision of green financing amounting to up to 65 million euros to the Banque Marocaine pour le Commerce et l'Industrie (BMCI). This initiative is supported by the European Union, the Green Climate Fund (GCF), and Canada, as part of the High Impact Partnership on Climate Action (HIPCA).

This financing is part of the "Decarbonization and Climate Resilience in Morocco" program supported by the European Union. It includes a funding package comprising 1.75 million euros from the Green Climate Fund and 2.4 million euros from Canada, aimed at supporting small, medium, and large enterprises in Morocco in their green projects.

BMCI is the first bank in Morocco to benefit from the comprehensive green financing package through the Green Economic Financing Facility (GEFF) Plus, which aims to accelerate environmental transformation and enhance inclusivity and sustainable investment across the country, according to a statement from the European Bank for Reconstruction and Development.

Through this financing, BMCI will direct the funds to small, medium, and large enterprises in Morocco through sub-loans, enabling them to invest in advanced climate technologies and sustainable business practices. This initiative will contribute to supporting the green transition across various economic sectors.

In addition to the financing, BMCI will benefit from a technical assistance program and investment incentives funded by the European Union and the Green Climate Fund, to effectively implement the funds and achieve the maximum impact of the green financing initiative.