BANK OF AFRICA has received an award for its work with the European Bank for Reconstruction and Development (EBRD) to finance green projects for businesses in Morocco. The partnership started in 2015 with the Moroccan Sustainable Energy Financing Facility (MorSEFF). It later grew through GEFF I and GEFF II, the Green Value Chain programme, and now GEFF III and MidGEFF.
The programmes give Moroccan companies access to finance for projects that save energy and water, use renewable energy, reduce waste and cut carbon emissions. They also support green buildings and more efficient production.
The work mainly targets private companies, including small and medium-sized businesses and mid-sized companies. The aim is to help them upgrade equipment and infrastructure while reducing their use of energy and other resources.
BANK OF AFRICA said the focus is not only on the amount of finance provided but also on the projects that businesses have carried out and their impact on the wider economy.
The bank’s green-finance programmes have helped companies introduce more efficient technologies, reduce resource use and lower their environmental impact. These investments can also reduce operating costs and help businesses remain competitive.
GEFF III and MidGEFF are expanding the partnership into larger and more complex projects. The programmes include industrial decarbonisation and financing for mid-sized companies.
The EBRD’s GEFF model combines credit lines through local banks with technical support. Donors such as the European Union and the Green Climate Fund help fund this technical assistance. The support helps banks assess green projects and helps businesses put them into practice.
The partnership comes as businesses face higher energy costs and growing pressure to cut emissions. Companies that export to the European Union also face new climate-related trade requirements, including the EU’s Carbon Border Adjustment Mechanism.
Green finance can help businesses replace old equipment, reduce energy bills and meet environmental requirements in export markets.
The wider banking sector is also becoming more involved in sustainable finance. Major Moroccan banks, including Attijariwafa Bank, Banque Centrale Populaire and Crédit du Maroc, have taken part in green credit programmes supported by institutions such as the EBRD, European Investment Bank and Agence Française de Développement.
Morocco has also set targets to increase renewable energy in its electricity system. Bank Al-Maghrib and the Moroccan Capital Market Authority have introduced measures linked to sustainable finance and green investment.
The earlier MorSEFF programme focused mainly on energy efficiency and small-scale renewable energy projects. The Green Value Chain programme later helped small and medium-sized businesses invest in more efficient technologies and improve their competitiveness.
The latest phase covers a wider range of needs, including water management, circular economy projects, green buildings, renewable energy and industrial decarbonisation.
BANK OF AFRICA’s award recognises a partnership that has now lasted more than a decade. The bank says it plans to continue financing businesses as they invest in cleaner and more efficient operations.
