The European Bank for Reconstruction and Development (EBRD) is partnering with the Green Climate Fund (GCF) and the European Union (EU) to provide a financing package of up to €25million to Banque Centrale Populaire (BCP) to support Morocco’s green transition.
This is the third facility the EBRD has provided to BCP under the GCF Green Economy Financing Facility (GEFF) Regional Framework. BCP will extend sub-loans to the private sector, in particular small and medium-sized enterprises (SMEs), to foster investment in climate change mitigation and adaptation technologies.
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 among sub-borrowers.
BCP central and regional staff will also be trained on gender-responsive green finance to help address gender-specific supply and demand obstacles. The EU will provide a €2.7 million grant to be used as a 10 per cent cash-back incentive for borrowers on the successful implementation of eligible projects, to encourage investments in climate change mitigation and adaptation technologies.