Latest news with #HIPCA
Morocco World
16-05-2025
- Business
- Morocco World
EBRD Boosts Green Finance in Morocco with €70M Loan to Bank of Africa
Doha – The European Bank for Reconstruction and Development (EBRD) has partnered with multiple international organizations to provide a €70 million loan to Bank of Africa (BOA), aimed at promoting green lending in Morocco's private sector. The bank announced the financing package on Thursday, noting that it combines resources from the EBRD, Green Climate Fund (GCF), European Union (EU), and Canada through the EBRD's High-Impact Partnership on Climate Action (HIPCA). The funding will be split between a €35 million senior unsecured loan from GCF and another €35 million co-financed by HIPCA. This initiative falls under the EU-backed Morocco Decarbonisation and Climate Resilience Programme (GEFF+). BOA will use these funds to extend green loans to Moroccan private-sector companies, including micro, small, and medium-sized enterprises seeking to invest in climate change mitigation and adaptation technologies. The loan comes with a comprehensive technical cooperation package worth €6 million. The EU will provide €2.38 million in investment grants, while GCF will contribute the remaining €3.62 million. This support will help BOA develop its green lending practices and encourage private companies to invest in low-carbon technologies. The technical cooperation will also promote equal opportunities and women's access to climate finance. It includes training for BOA branch staff in gender-responsive green finance, capacity-building, and awareness-raising sessions to accelerate investments in sustainable energy across Morocco's private sector. Bank of Africa, the third-largest bank in Morocco, is listed on the Casablanca Stock Exchange with presence in 32 countries across Africa, Europe, Asia, and North America. It has been a key EBRD partner in green finance, with €113 million in green loans already extended through this cooperation. This financing initiative is part of a broader push by EBRD in Morocco this month. On May 6, BMCI became the first Moroccan bank to receive a comprehensive €65 million Green Economy Financing Facility (GEFF) Plus package from EBRD and partners, marking their fifth partnership. Other recent EBRD investments in the North African country include a $25 million equity investment in Dislog Group, disclosed on May 9, to strengthen the company's capital structure and advance its mergers and acquisitions strategy. Additionally, on May 13, Aya Gold & Silver secured a $25 million EBRD loan to develop its Boumadine polymetallic project. Morocco, a founding member of the EBRD, became one of the Bank's countries of operation in 2012. To date, the EBRD has invested €5.4 billion in Morocco through 117 projects.
Ya Biladi
15-05-2025
- Business
- Ya Biladi
EBRD backs Bank of Africa with €70m to boost climate finance in Morocco
The European Bank for Reconstruction and Development (EBRD) is joining forces with the Green Climate Fund (GCF), the European Union, and Canada to support green finance in Morocco. Through its High-Impact Partnership on Climate Action (HIPCA), the EBRD is extending a €70 million loan to the Bank of Africa (BOA) under the Morocco Decarbonisation and Climate Resilience programme (GEFF+), EBRD announced on Thursday. The package includes two senior unsecured loans of €35 million each, one from the GCF and the other co-financed by HIPCA. It aims to support Moroccan private companies, including MSMEs, in investing in climate adaptation and mitigation technologies. A €6 million technical cooperation package will accompany the financing, with the EU and GCF contributing €2.38 million and €3.62 million respectively. It will help BOA strengthen green lending practices, train staff on gender-responsive climate finance, and promote equal access for women. «This facility will expand and accelerate investments in sustainable energy», said the EBRD, noting BOA's pivotal role in green finance, with €113 million in green loans already disbursed.
Morocco World
06-05-2025
- Business
- Morocco World
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
Web Release
19-03-2025
- Business
- Web Release
EBRD, United Kingdom and GEF support Nador West Med port complex
The European Bank for Reconstruction and Development (EBRD) is providing a senior loan of €110 million to support the development of an economic zone within the Nador West Med industrial port complex , which is located near the city of Nador in Morocco's Oriental region. This is the Bank's third investment in the Nador West Med complex, following the provision of financing in 2015 and 2022. The Bank's loan to Betoya Industriel and Logistic Zone (BILZ) is backed by a sovereign guarantee and is complemented by three investment grants: €5 million from the EBRD; US$ 3 million (€2.8 million) from the United Kingdom under the High-Impact Partnership on Climate Action (HIPCA); and US$ 2.5 million (€2.3 million) from the Global Environment Facility (GEF) under the Environmental Technology Transfer programme. This financing package will support land development work for industrial and logistics platforms within the economic zone adjacent to Nador West Med port, as well as helping to finance an on-site desalination plant, two wastewater treatment plants and energy-efficient street lighting. The financing will promote the use of sustainable water management solutions and energy-saving technologies for the economic zone's public lighting, contributing to the climate resilience of the zone. The development of this zone is expected to unlock the economic potential of the Oriental region, attracting foreign direct investment, boosting private-sector development and creating employment opportunities for the local population. The EBRD is also providing a technical cooperation package to support BILZ's digitalisation efforts, helping to establish a fully automated one-stop-shop for future investors in the economic zone. This package also includes support for the development of a sustainable infrastructure plan and the rollout of a capacity-building programme for the Nador West Med complex. Sue Barrett, Director of the EBRD's Europe, Middle East and Africa (EMEA) Infrastructure team, said: 'We are delighted to continue to support the development of the Nador West Med complex, a landmark project that is set to unlock the economic potential of Morocco's Oriental region. This project is expected to be a replicable model of a climate-resilient digital economic zone, attracting foreign direct investment, furthering private-sector development and creating job opportunities for the local population.' Mohamed Jamal Benjelloun, Director General of Société Nador West Med S.A. and BILZ, said: 'The Nador West Med industrial port complex will be a key driver of the economic development of the Oriental region, creating jobs and attracting industrial investment. I would like to thank the Minister for Economy and Finance and the Treasury and External Finance Department for their unwavering support, the EBRD for its continued support and confidence, and the United Kingdom and the GEF for their contributions. Our collaboration has made this strategic project a reality, which will have a positive impact on the region.' BILZ is a state-owned limited liability company that was established in Morocco in 2023 to manage and develop the economic zone adjacent to Nador West Med port. BILZ is a wholly owned subsidiary of Société Nador West Med S.A. – also a state-owned limited liability company and an existing client of the EBRD under the Nador West Med port project. Morocco is a founding member of the EBRD and became a recipient of Bank financing in 2012. To date, the EBRD has invested more than €5.3 billion in the country through 112 projects. *HIPCA is also supported by Austria, Canada, Finland, Germany, the Netherlands, South Korea, Spain, Switzerland, the TaiwanICDF and the United States of America.
