EBRD and Partners Provide €65 Million Green Financing to BMCI
Doha – The European Bank for Reconstruction and Development (EBRD), along with the European Union (EU), the Green Climate Fund (GCF), and Canada, is extending a €65 million green financing package to Banque marocaine pour le commerce et l'industrie (BMCI).
The funding comes through the EBRD's High-Impact Partnership on Climate Action (HIPCA) and is part of the EU-backed Morocco Decarbonisation and Climate Resilience program.
BMCI is set to become the first bank in Morocco to receive this comprehensive Green Economy Financing Facility (GEFF) Plus package, marking the EBRD's fifth partnership with the institution.
The collaboration aims to accelerate Morocco's green transition and promote sustainable investment across the country.
The financing includes €1.75 million from the GCF and €2.4 million from Canada to support climate projects of small, medium-sized, and larger companies.
BMCI will distribute these funds through sub-loans to Moroccan businesses, enabling them to invest in advanced climate technologies and sustainable business practices.
In addition to the financial support, BMCI will benefit from a technical assistance programme and investment incentives funded by the EU and GCF. These resources will help the bank effectively deploy the funds and maximize the impact of the green initiative.
The dual financing structure consists of two distinct loans. The first is a €35 million credit line, which includes the €1.75 million GCF contribution, targeting small and medium enterprises for climate mitigation and adaptation investments.
Read also: Morocco Is a 'Major Investment Destination' for EBRD, Says President Renaud-Basso
The second loan of €30 million, with €2.4 million from Canada through HIPCA, supports medium-sized climate investments by private Moroccan companies.
Target sectors include small-scale renewable energy, energy efficiency, green buildings, circular economy, climate adaptation investments focusing on water efficiency, sustainable land management, digitization, and blue economy investments.
According to the EBRD, BMCI, which has been operating in Morocco since 1943, is positioning itself as a key banking-sector ally in environmental protection, offering 'green packages' with advantageous terms for financing ecological equipment and work.
The Green Partnership between Morocco and the EU prioritizes energy transition, climate resilience, and decarbonization to foster sustainable economic growth.
Since Morocco became an EBRD investee economy in 2012, the bank has invested almost €5.4 billion in the country through 113 projects. Tags: BMCIEBRDgreen finance
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