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The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are supporting green investments by the private sector to strengthen Morocco's economic recovery amid the uncertainty of the coronavirus pandemic.
Two key programmes, cumulatively worth €253 million, are supporting a green response in the country through EBRD finance, complemented by EU grants, said the bank in a statement.
The first is the Green Value Chain programme, worth €90 million and focused on supporting small and medium-sized enterprises’ (SMEs’) investments in energy and resource efficiency measures as well as on their integration into regional value chains.
The programme is financed by EBRD and the Green Climate Fund (GCF) through the Société Générale Maroc, Crédit du Maroc and Banque Populaire. It is complemented by grants from the EU and South Korea, the same source said.
The second programme aims to provide up to €163 million to hundreds of private companies through credit lines via local financial institutions. It will support climate mitigation, climate adaptation and the adoption of green technologies.
The EU grants will fund technical assistance and incentive payments for successful project implementation, it said, adding that promoting greener economies is a priority for EBRD. In Morocco, the Bank has a track record of providing effective credit lines for energy efficiency projects.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested close to €2.5 billion in Morocco through 66 projects.
