The European Bank for Reconstruction and Development (EBRD) more than doubled its investment in Morocco last year, extending more than €528 million in finance to 14 projects, up from €211 million in 2021.
It delivered record investment of €360 million in the private sector and €170 million in support of Morocco’s green economy. Fifty-eight per cent of all investments had a gender and inclusion focus.
Supporting the country’s transition to a low-carbon economy, the Bank co-financed the repowering of the Koudia Al Baida wind farm in the north of the country with a senior loan of up to €44 million. This marked the first wind farm repowering project in Africa.
The Bank invested a MAD 1 billion issue by the City of Agadir, the capital of Morocco’s Souss-Massa region. Agadir was thus the first Moroccan city to join the EBRD Green Cities programme.
Helping to unlock the economic potential of Morocco’s Oriental Region and improving regional access to infrastructure, the EBRD extended additional financing of €100 million for the construction of the Nador West Med (NWM) port. The Bank also provided a technical cooperation package worth €1 million to assess NWM’s potential role in the hydrogen value chain.
The EBRD delivered 88 SME advisory projects in 2022, most of them in the regions outside Casablanca and Rabat.
In 2022, the Bank held its Annual General Meeting for the first time in Morocco, under the theme, “Responding to Challenges in a Turbulent World”.