The signing of the memorandum marks a significant step towards fostering sustainable development and green growth in Morocco. Credit: Shutterstock.

Maghrebail, a leasing subsidiary of BMCE – Bank of Africa, has agreed to enhance 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 €10m, doubling the total facility amount to €20m. The EBRD has provided financing of €17.5m.

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

 

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

BMCE – Bank of Africa, a prominent private commercial bank operating in Morocco and 20 other African countries, is instrumental in this green financing initiative. The project highlights the importance of long-term financing, technical assistance, and incentive grants to encourage sustainable investments, with a particular emphasis on supporting women-led enterprises.

This additional tranche aligns with the EBRD’s Green Transition Approach and scores 65 on the EBRD’s Transition Impact (TI) quality scale. 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 labour. Solar sub-projects funded through this initiative will be managed according to a proposed management approach for solar supply chain risk management.

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Technical cooperation and grant financing 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 a significant step towards fostering sustainable development and green growth in Morocco, in line with the country’s vision for a sustainable future.