HomeTop StoriesMaghrebail receives 20 million euros from the EBRD for green projects in...

Maghrebail receives 20 million euros from the EBRD for green projects in Morocco

Maghrebail, a leasing subsidiary of BMCE – Bank of Africa, has agreed to increase its support for green lending and climate-resilient technologies in Morocco through a new partnership with the European Bank for Reconstruction and Development (EBRD).

This agreement includes an additional senior unsecured debt tranche of up to €10 million, doubling the total facility amount to €20 million. The EBRD has provided financing of €17.5 million.

The funds will be channeled through Maghrebail to facilitate on-lending to private sector micro, small and medium enterprises (MSMEs) in Morocco.

The primary objective is to facilitate investments in climate change mitigation and adaptation projects by SMEs. By providing lease financing through Maghrebail, the project aims to help SMEs acquire the necessary equipment and technologies to advance their green initiatives. This effort is expected to strengthen Morocco’s green economy, with a significant focus on sectors such as agribusiness, manufacturing, services, logistics and ICT.

BMCE – Bank of Africa, a leading private commercial bank operating in Morocco and twenty other African countries, plays a key role in this green financing initiative. The project emphasizes the importance of long-term financing, technical assistance and incentive grants to encourage sustainable investments, with a particular emphasis on supporting women-led businesses.

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This additional tranche is in line with the EBRD’s Green Transition approach and scores 65 on the EBRD quality scale for Transition Impact (TI). The project falls under the Environmental and Social category (FI ESP 2019), with BMCE – Bank of Africa committed to adhering to Performance Requirements (PRs) 2, 4 and 9, as well as national standards for Environment, Health, Safety and work. Solar energy sub-projects funded through this initiative will be managed according to a proposed management approach for solar supply chain risk management.

Technical cooperation and grant funding will further support project preparation, implementation, monitoring and capacity building efforts. These initiatives are funded by the EBRD Shareholder Special Fund, the European Union, the Korean Technical Assistance and Cooperation Account and the Green Climate Fund.

The signing of this memorandum marks an important step towards promoting sustainable development and green growth in Morocco, in line with the country’s vision for a sustainable future.

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“Maghrebail raises €20 million from EBRD for green projects in Morocco” was originally created and published by Leasing Life, a brand owned by GlobalData.

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