Green financing has topped the European Bank for Reconstruction and Development’s (EBRD) activities in Morocco in 2021, representing for the first time more than half of its total investment in the country.
In a statement released on Sunday, the EBRD said the Bank’s total investment of €211 million in 10 projects was entirely focused on the private sector.
Through its Green Economy Financing Facility and the Green Value Chain Program, the EBRD has provided a total of €88 million to partner banks to help small and medium-sized enterprises (SMEs) and companies invest in climate change mitigation and adaptation technologies, the bank noted.
Six million loan to Lamatem, a Moroccan producer of high-end medical garments, was the first EBRD project to receive a risk-sharing guarantee from the European Union (EU) under its European Fund for Sustainable Development (EFSD) program, which is helping to address short-term liquidity needs in the context of the recovery from the Covid-19 pandemic.
Under the same program, the EBRD also granted a loan of 10 million euros to the pan-African mattress manufacturer Dolidol to finance a recycling project to transform used polyethylene terephthalate (PET) bottles into polyester fibers for bedding products, the same source added.
Over the past year, the EBRD continued to promote foreign direct investment (FDI) and regional integration by participating in an environmental, social and governance bond issued by Faurecia, a leading European automotive supplier, to finance its operations in Morocco and support its goal to become carbon neutral by 2025.
The EBRD has also helped the Tunisian cheese maker Land’or to develop its activities in the Kingdom, the statement added, noting that the Bank has helped 75 small and medium-sized enterprises (SMEs) through its advisory program, focusing on digital technologies, women entrepreneurs and environmental issues.
Morocco has undertaken a number of key reforms in 2021, the EBRD pointed out, noting that with its support the Moroccan National Energy Regulatory Authority has approved the country’s first-ever electricity grid code, a key step in the liberalization of the electricity sector and the development of new renewable capacity.
The EBRD has also launched a capital markets e-learning program to enhance the risk management skills and knowledge of financial sector professionals.
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