$26.25 million from the EBRD for BCP

Following negotiations initiated at the end of 2021, the European Bank for Reconstruction and Development (EBRD) and the Banque Centrale Populaire (BCP) group have agreed to operate under the second line of green financing: GEFF II. A new loan of 26.25 million dollars will thus be granted to the Moroccan bank to accelerate the green transition in Morocco through support for private investments. These funds will be provided by the EBRD to the tune of 25 million dollars, and will be added to 1.25 million euros provided by the Green Climate Fund (GCF).

It’s confirmed. The European Bank for Reconstruction and Development (EBRD) will release new funds for the BCP group. Following negotiations initiated at the end of 2021, the two institutions have agreed to operate under the second line of financing towards the “Green Economy Financing Facility: GEFF II”. A new loan of 26.25 million dollars (the equivalent of 24.8 million euros) will thus be granted to the Moroccan Bank to accelerate the green transition in Morocco through support for private investments. These funds will be provided by the EBRD to the tune of 25 million dollars, and will be added to 1.25 million euros provided by the Green Climate Fund (GCF). They are in the process of being approved by the board of directors of the European bank which, as a reminder, is holding the 31st session of its annual meeting from May 10 to 12 in Marrakech. A complete package of technical assistance, supplemented by investment incentives, co-financed by the EU, will support the BCP and its clients in the deployment of the program.

For the European Union, this package is a concrete aid to companies to find and finance the solutions best suited to their transition to the green economy in Morocco. As a reminder, at the end of March, the EBRD was officially launched in Morocco on a new GEFF II financing line which aims to support green investments made by private companies through local partner banks. The projects concerned relate to energy efficiency, renewable energies, green buildings, water saving, sustainable land management, material and resource efficiency as well as the circular economy. The GEFF program is based on a one-stop-shop approach: a loan of up to 5 million euros per investment project, a grant and free technical assistance. Thanks to EU support, successfully implemented and verified investment projects received a grant of 10% of the funding. Clients eligible for the GEFF are private companies (mostly owned by private shareholders) under Moroccan law operating in Morocco.

Furthermore, this new partnership between the EBRD and the BCP group is an extension of their cooperation initiated in recent years, starting with that relating to the MorSEFF financing line. As part of this sustainable energy financing program, the BCP group has benefited since 2016 from a line of credit of 55 million euros to support the energy transition of SMEs in Morocco. In 2020, the two parties renewed their partnership with the establishment of new financing lines under the “GEFF I” program and “Green Value Chain” totaling $44 million (€40 million). According to the EBRD, BCP is the second largest bank in Morocco in terms of loans with a market share of 23%.




Fr

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button