As a major move toward speeding up the green transformation in Morocco, the European Bank for Reconstruction and Development (EBRD) declared on Tuesday that it will offer green funding totaling up to 65 million euros to the Banque Marocaine pour le Commerce et l’Industrie (BMCI). This project has received backing from the European Union, the Green Climate Fund (GCF), and Canada through their collaboration under the High Impact Partnership on Climate Action (HIPCA).
This financial support is part of the “Morocco Decarbonization and Climate Resilience” initiative backed by the European Union. The funding bundle consists of 1.75 million euros from the Green Climate Fund along with 2.4 million euros provided by Canada. This backing is intended for aiding both small, medium, and large businesses within Morocco as they pursue environmentally friendly initiatives.
BMCI is the initial bank in Morocco to receive a full suite of green financing options via the Green Economic Financing Facility (GEFF) Plus. This initiative seeks to speed up environmental change and boost inclusive and sustainable investments throughout the nation, as reported.
statement
from the European Bank for Reconstruction and Development.
Via this funding, BMCI will channel resources to businesses of all sizes—small, medium, and large—in Morocco using sub-loans. These funds will allow these entities to invest in cutting-edge climate technology and eco-friendly operational methods. The program aims to foster environmental progress throughout different parts of the economy.
Apart from the funding, BMCI will also gain access to a technical assistance program along with investment incentives provided by the European Union and the Green Climate Fund. This support aims to ensure efficient implementation of the funds and maximize the effect of the green financing initiative.
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