This is the third line of credit that the EBRD is providing to BCP under the GCF’s Green Economy Finance Facility (GEFF), the London-based institution said on Monday in a statement.
BCP will provide sub-loans to the private sector, particularly to small and medium-sized enterprises (SMEs), to support investments in climate change mitigation and adaptation technologies, the same source said.
Financed by the EBRD, the EU and the GCF, a technical cooperation package worth €4.4 million will support the preparation, implementation and overall monitoring of the project, the Bank said, noting that the funds will also be used to strengthen the capacity of the BCP, as well as for awareness-raising activities among sub-borrowers on climate change mitigation and adaptation technologies.
Central and regional staff of the BCP will also be trained in gender-sensitive green finance to help overcome gender-related supply and demand barriers, the EBRD says.
In addition, the EU will provide a €2.7 million grant to be used as a 10% payback incentive for borrowers upon successful implementation of eligible projects, to encourage investments in climate change mitigation and adaptation technologies.
The loan agreement was signed by Antoine Sallé de Chou, Director, Head of the EBRD’s Moroccan Resident Office, and Mohammed Kamal Mokdad, BCP Managing Director.
BCP is one of the main banking institutions in Morocco. The BCP Group, present in 32 countries around the world, is the first savings bank in Morocco and a major player in the financing of the economy.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested over €3.8 billion in the country through 90 projects.
