The European Bank for Reconstruction and Development (EBRD) announced on Tuesday the provision of funding to Moroccan private bank BMCE – Bank of Africa (“BOA”) under the existing Morocco Green Value Chains (GVC) project loan signed in 2020. This new tranche will bring the total facility amount to 20 million euros.
BOA’s additional funds are designated to be used by its leasing subsidiary, Maghrebail, for on-lending to private sector Micro, Small, and Medium Enterprises (MSMEs) in Morocco to support their capital expenditure (CAPEX) investments in climate change mitigation and adaptation projects, particularly those that contribute to a green economy.
These projects are expected to bolster specific export value chains and sub-sectors in Morocco, including agribusiness, manufacturing and services, logistics and distribution, and information and communication technologies.
The GVC project will enable BOA to expand its range of green lending products, targeting MSMEs’ CAPEX investments in climate-resilient technologies and services and ultimately support the development of a green economy in Morocco.