The EBRD and Crédit du Maroc give Morocco’s green economy a boost
Une nouvelle ligne de crédit avec le soutien de l’Union européenne et du Green Climate Fund
The EBRD grants Crédit du Maroc a €20 million loan
The European Bank for Reconstruction and Development (EBRD) has granted Crédit du Maroc a €20 million loan under the Green Value Chain programme. The programme aims to support green investment by SMEs involved in certain value chains and/or ecosystems.
The facility is aligned with Morocco’s strategy in support of developing SMEs, mid-tier enterprises and green financing. In signing up for the credit line, Crédit du Maroc is seeking to develop a solution for financing the green economy that it can make available to eligible customers.
Qualifying SMEs to receive attractive support to help them invest in green solutions
SMEs that qualify for the programme will receive an attractive support package consisting of financing, an investment grant and technical expertise to assess the viability of their projects.
The loan, which has the financial backing of the European Union and the Green Climate Fund, comes under the EBRD’s programme aimed at helping SMEs become more deeply embedded in global value chains.
The loan agreement was signed on 4 February 2020 by Francis Malige, the EBRD’s Managing Director for Financial Institutions, and Bernard Muselet, CEO of Crédit du Maroc.
Encouraging the transition towards greener economies is a priority for the EBRD. The bank has a track record in Morocco of successfully extending credit lines aimed at promoting energy efficiency, such as the Moroccan Sustainable Energy Financing Facility (MorSEFF).
Like its parent company Crédit Agricole S.A. Group, Crédit du Maroc is firmly established within the Moroccan ecosystem, where it is a strong and responsible financial operator focused on delivering excellent customer service, and aims to become a recognised leader in terms of social responsibility and sustainable development. Today’s announcement sees the bank expand its range of green energy financing solutions for SMEs and mid-tier enterprises – a commitment that forms part of its medium-term business plan. This partnership with the EBRD is thus a natural move to help Crédit du Maroc support the transition towards a green economy and work for a better future.