Small businesses in northern Morocco are being encouraged to reduce waste, reuse materials and make better use of resources through a new initiative led by BANK OF AFRICA and its partners. The bank has organised a series of Green Business Meetings in Larache, Tangier and Tetouan to help small and medium-sized enterprises (SMEs) identify investment opportunities linked to the circular economy.
The meetings were organised by BANK OF AFRICA, its Pan-African Chair of Sustainability and Impact Finance, Frankfurt School of Finance & Management and the General Confederation of Moroccan Enterprises (CGEM) in the Tangier-Tetouan-Al Hoceima region.
The initiative is part of the Switch to Circular Economy (SWITCH2CE) programme, funded by the European Union and the government of Finland. It is implemented by the United Nations Industrial Development Organization (UNIDO), Circle Economy, Chatham House and the European Investment Bank (EIB).
The programme aims to help Moroccan suppliers working with European manufacturers and major buyers shift towards more sustainable production. It provides training, technical support, help in developing circular business networks and better access to financing.
BANK OF AFRICA receives direct technical assistance from the EIB and Frankfurt School through the programme.
The meetings brought bank representatives, technical experts and local businesses together to discuss the challenges facing companies and how circular economy practices could create new investment opportunities.
Discussions focused on identifying potential projects, assessing businesses’ needs and examining the financing options available to them.
The organisers said the aim was to move beyond raising awareness and help companies turn their needs into practical investment projects by connecting them with technical expertise and funding.
The circular economy focuses on reducing waste, reusing materials and making better use of resources. For businesses, this can mean cutting resource costs while developing more sustainable production methods.
Previous Green Business Meetings have covered wider sustainable finance issues. This edition focused specifically on the circular economy and its potential to help companies use resources more efficiently, recover the value of materials and invest in more sustainable operations.
BANK OF AFRICA says it continues to offer tailored expertise and financing to small and medium-sized businesses investing in sustainability. Its support covers projects in energy, water, the circular economy and green buildings.
The bank says it wants to make sustainable finance a practical tool for business growth and the development of the wider economy.
