Star Africa
by: APA
The European Union in conjuction with the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD); along with the Agence Française de Développement (AFD) and Kreditanstalt für Wiederaufbau (KfW) have teamed up to strengthen sustainable energy measures in Morocco.
In an official statement announcing the launching, on Tuesday, the EU explained that the project is fully backed by the European Union Neighbourhood Investment Facility (EU NIF) with the four financial institutions providing a €20 million financing facility to BMCE Bank and its leasing subsidiary Maghrebail.
According to the implementers, the finance line is the first under the Morocco Sustainable Energy Financing Facility (MorSEFF), a comprehensive programme for sustainable energy investments through financial institutions.
The proceeds of this EBRD-led facility are dedicated to financing energy efficiency and small-scale renewable energy investments.
BMCE Bank will lend to small and medium-sized enterprises and corporates in the commercial and industrial sectors, including commercial construction and energy service companies.
The bank will also raise awareness among its clients, promoting energy-efficient and renewable energy technologies and strengthening local production.
Morocco is a founding member of the EBRD and to date the Bank has invested €380 million in 17 projects in the North African country, in addition to €130 million of trade-facilitation credit lines with local banks.
Signature : APA
