The memorandum of understanding was signed on Monday by BAM, the GPBM and the EBRD.
Moroccan banks will benefit from the strengthening of their capacity to implement the directive relating to the system for managing financial risks linked to climate change and the environment. This is a directive that the central bank issued in March 2021. A memorandum of understanding was signed on Monday to this effect by Bank Al-Maghrib (BAM), the European Bank for Reconstruction and Development (EBRD) and the Professional Association of Moroccan Banks (GPBM). “The objective of this cooperation is to strengthen the capacities of Moroccan banks in this area and to support them in the deployment of governance and risk management systems taking into account the dimensions of climate and the environment and aligned with best practices. international organizations in this area,” said a joint press release.
Under the agreement, support actions will focus on the integration of climate change and environmental factors into the development strategies of Moroccan banks, the analysis of risk scenarios and the implementation of stress tests ( stress tests) relating to the impacts of climate change on banking institutions as well as the implementation of appropriate action plans to mitigate the effect of climatic and environmental risks on financing, placement and investment activities. Finally, it involves the development of financial products and services that comply with the principles of “Green Finance”.