Morocco’s BCP gets $26m funding from EBRD & GCF to promote its green transition

Morocco’s BCP gets $26m funding from EBRD & GCF to promote its green transition

EBRD, European Bank for Reconstruction and Development, is partnering with the Green Climate Fund (GCF) and the European Union (EU) to provide a financing package of up to $26 million to Banque Centrale Populaire (BCP) to support Morocco’s green transition.

Through this, BCP will extend sub-loans to the private sector, particularly to small and medium-sized enterprises (SMEs), to drive investment in climate change mitigation and adaptation technologies.

This is the third facility the EBRD has provided to BCP under the GCF Green Economy Financing Facility (GEFF) Regional Framework. To date, EBRD has invested almost 3.8 billion euros in the country through 90 projects.

Funded by the EBRD, the EU, and the GCF, a technical cooperation package worth 4.4 million will support the preparation, implementation, and overall monitoring of the project. The funds will also be used to build BCP’s capacity, as well as for awareness-raising activities on climate change mitigation and adaptation technologies.

The EU will provide a 2.7 million euros grant to be used as a 10% cashback incentive for borrowers on the successful implementation of eligible projects, to encourage investments in climate change mitigation and adaptation technologies. BCP central and regional staff will also be trained on gender-responsive green finance to help address gender-specific supply and demand obstacles.

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