EBRD Boosts Green Finance in Morocco with €70M Loan to Bank of Africa
The bank announced the financing package on Thursday, noting that it combines resources from the EBRD, Green Climate Fund (GCF), European Union (EU), and Canada through the EBRD's High-Impact Partnership on Climate Action (HIPCA).
The funding will be split between a €35 million senior unsecured loan from GCF and another €35 million co-financed by HIPCA.
This initiative falls under the EU-backed Morocco Decarbonisation and Climate Resilience Programme (GEFF+).
BOA will use these funds to extend green loans to Moroccan private-sector companies, including micro, small, and medium-sized enterprises seeking to invest in climate change mitigation and adaptation technologies.
The loan comes with a comprehensive technical cooperation package worth €6 million. The EU will provide €2.38 million in investment grants, while GCF will contribute the remaining €3.62 million.
This support will help BOA develop its green lending practices and encourage private companies to invest in low-carbon technologies.
The technical cooperation will also promote equal opportunities and women's access to climate finance.
It includes training for BOA branch staff in gender-responsive green finance, capacity-building, and awareness-raising sessions to accelerate investments in sustainable energy across Morocco's private sector.
Bank of Africa, the third-largest bank in Morocco, is listed on the Casablanca Stock Exchange with presence in 32 countries across Africa, Europe, Asia, and North America.
It has been a key EBRD partner in green finance, with €113 million in green loans already extended through this cooperation.
This financing initiative is part of a broader push by EBRD in Morocco this month. On May 6, BMCI became the first Moroccan bank to receive a comprehensive €65 million Green Economy Financing Facility (GEFF) Plus package from EBRD and partners, marking their fifth partnership.
Other recent EBRD investments in the North African country include a $25 million equity investment in Dislog Group, disclosed on May 9, to strengthen the company's capital structure and advance its mergers and acquisitions strategy.
Additionally, on May 13, Aya Gold & Silver secured a $25 million EBRD loan to develop its Boumadine polymetallic project.
Morocco, a founding member of the EBRD, became one of the Bank's countries of operation in 2012. To date, the EBRD has invested €5.4 billion in Morocco through 117 projects.
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