A fresh wave of international funding is set to bolster Morocco’s private sector in its transition toward a greener economy. On May 15, the European Bank for Reconstruction and Development (EBRD), alongside the Green Climate Fund, the Canadian government, and the European Union, unveiled a new €70 million financing package for BANK OF AFRICA, aimed at accelerating climate resilience and low-carbon investments.
This initiative falls under the PFEV+ program, which supports Morocco’s efforts to decarbonize its economy and strengthen its capacity to adapt to climate change. The funding will expand BANK OF AFRICA’s ability to provide loans to businesses, particularly small and medium-sized enterprises, that are looking to adopt clean technologies or invest in climate adaptation projects.
The structure of the financing includes two unsecured senior loans of €35 million each. One of these loans comes from the Green Climate Fund, while the other is backed by a coalition of international partners working together under the High Impact Partnership on Climate Action.
In addition to the loan package, €6 million in technical assistance will be made available to support implementation. The EU is contributing €2.38 million in investment grants, while the Green Climate Fund is supplying the remaining €3.62 million. This technical support will help BANK OF AFRICA strengthen its internal expertise in green financing and enable local entrepreneurs to launch more sustainable, low-carbon initiatives.
The program also includes a gender equality component. Specialized training for the bank’s staff will be rolled out to improve women’s access to climate finance. Awareness campaigns and skill-building sessions are also planned, aiming to drive wider adoption of sustainable technologies across Morocco’s business landscape.
BANK OF AFRICA has already been working closely with the EBRD to promote green finance. Prior to this latest initiative, the Moroccan bank had received €113 million in loans dedicated to environmental investment. With operations in 32 countries and a listing on the Casablanca Stock Exchange, BANK OF AFRICA has established itself as a key regional partner for the EBRD on the African continent.
