3 banks to give €35m for energy efficiency in Morocco

By Gulsen Cagatay

ISTANBUL (AA) - The European Bank for Reconstruction and Development (EBRD), the Agence Française de Developpement (AFD) and the European Investment Bank (EIB) are teaming up to strengthen sustainable energy developments in Morocco, with the support of the European Union Neighborhood Investment Facility (EU NIF).

According to EBRD's statement Wednesday, the three financial institutions are providing a €35 million financing facility to BMCE Bank of Africa and its leasing subsidiary Maghrebail.

The finance line is the third under the Morocco Sustainable Energy Financing Facility (MorSEFF) - a program for sustainable energy investments through financial institutions.

The EBRD-led facility is dedicated to financing energy efficiency and small-scale renewable energy investments in the country.

"BMCE Bank of Africa will on-lend to small and medium-sized enterprises and corporates in the commercial and industrial sectors, including commercial construction and energy service companies," according to the statement.

BMCE Bank of Africa will also raise awareness among its clients, promoting energy-efficient and renewable energy technologies and strengthening local production.

Mike Taylor, EBRD director for financial institutions said that this is a very important initiative that promotes best practice and raises awareness about the advantages of sustainable energy investment.

"MorSEFF benefits from the expertise the EBRD has accumulated in similar schemes through which we have invested €19 billion in sustainable energy, of which €4 billion has been made available through Sustainable Energy Financing Facility (SEFF’s) to more than 100 financial intermediaries in 24 countries," he emphasized.

In addition, Othman Benjelloun, chairman of BMCE Bank of Africa Group said that MorSEFF has increased knowledge of the renewable energy market, customer awareness of sustainable development, energy efficiency and renewables on a small scale.

"In the context of COP22, it is with enthusiasm that we are renewing our partnership with the EBRD, AFD and EIB for a new MorSEFF program to support companies in their environmental approach and position ourselves as the reference bank in these fields," he stated.