Economy

the EBRD launches the “GEFF II” financing line

the EBRD launches the “GEFF II” financing line
Written by on100dayloans

GEFF II is a sustainable energy financing line dedicated to Moroccan companies, set up by the EBRD with the support of the European Union (EU) and the Green Climate Fund, with the aim of ensuring additional funding for green investments by private companies, particularly in sustainable energy, water conservation, waste reduction, green technologies and adaptation to climate change.

Speaking on this occasion, the Managing Director of the EBRD for the Southern and Eastern Mediterranean region (SEMED), Heike Harmgart, indicated that this is the third green financing program launched by the EBRD in Morocco and is intended as true proof of the success of previous programs.

The program aims to develop and improve the competitiveness of Moroccan companies while reducing carbon dioxide (CO2) emissions, Harmgart added. Overall, the program would enable greater private sector involvement and Morocco’s transition to a resilient, low-emission and environmentally sustainable economy, she noted.

For his part, the Secretary General of the Ministry of Energy Transition and Sustainable Development, Mohamed Benyahya, noted that the launch of this line of financing comes at the right time, given the dynamics that Morocco is experiencing in terms of the environment. and sustainable development, and the need for an inclusive green recovery of the economy after the Covid-19 crisis.

This line of financing further consolidates the achievements and contributes to Morocco’s efforts to unlock economic potential and revitalize the Moroccan private sector, Benyahya added.

For his part, the deputy head of the EU delegation in Morocco, Alessio Capellani, indicated that the transition to the green economy requires consulting support to enable partner banks to supervise small and medium-sized enterprises.

Capellani also underlined that Morocco is a key partner of the EU in the fight against climate change thanks to its ambitious climate and energy policy, recalling the green partnership between the EU and Morocco which details the ambition joint meeting on climate, environment and green economy.

And to argue that the green partnership is “the first of its kind between the EU and a partner country, which shows the importance attached to this cooperation with Morocco”.

With a budget of 163 million euros, the program is based on a one-stop-shop approach including financing by loan or leasing through a financial institution, free technical assistance and an investment grant. 10% of eligible funding, received after project verification.

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