March 18 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) on Friday announced EUR 60 million (USD 68m) in loans and guarantees for BMCE Bank of Africa to support green energy investments in Morocco.
The bigger portion represents a EUR-50-million risk-sharing facility to be extended by the EBRD to BMCE, improving the access to finance for local businesses and expanding the bank’s financial products.
The EBRD will also sign a EUR-10-million loan under the Morocco Green Economy Financing Facility (GEFF), supporting sustainable energy projects via local partner banks. This loan consists of an initial tranche of EUR 5 million, of which EUR 3.75 million from EBRD and EUR 1.25 million from the Green Climate Fund (GCF). The second tranche will be extended at a later stage, the bank stated.
(EUR 1 = USD 1.13)