The European Bank for Reconstruction and Development (EBRD) is joining forces with the Green Climate Fund (GCF), the European Union, and Canada to support green finance in Morocco. Through its High-Impact Partnership on Climate Action (HIPCA), the EBRD is extending a €70 million loan to the Bank of Africa (BOA) under the Morocco Decarbonisation and Climate Resilience programme (GEFF+), EBRD announced on Thursday. The package includes two senior unsecured loans of €35 million each, one from the GCF and the other co-financed by HIPCA. It aims to support Moroccan private companies, including MSMEs, in investing in climate adaptation and mitigation technologies. A €6 million technical cooperation package will accompany the financing, with the EU and GCF contributing €2.38 million and €3.62 million respectively. It will help BOA strengthen green lending practices, train staff on gender-responsive climate finance, and promote equal access for women. «This facility will expand and accelerate investments in sustainable energy», said the EBRD, noting BOA's pivotal role in green finance, with €113 million in green loans already disbursed. Morocco has received €5.4 billion in EBRD investments since 2012.
