European Bank issued the following announcement on May 31.
Moroccan small businesses are set to benefit from finance to invest in greener, energy, and resource efficient solutions, which will boost their competitiveness and integration in local and international markets.
The European Bank for Reconstruction and Development (EBRD) is providing Société Générale Maroc with a €20 million loan, as the first partner bank under this new credit line, which is designed for SMEs involved in value chains and their green investments.
The loan is part of an EBRD program focusing on improving SME participation in value chains supported by the European Union and the green component is supported by the Green Climate Fund.
Eligible SMEs of the new credit line will benefit from attractive financing and free of charge technical expertise to advice on their green investment projects. SGMB will also benefit from technical assistance to help prepare and promote the credit line, and verify the successful implementation of the green equipment.
The acquisition of green equipment will allow SMEs to provide more competitive products and increase their exports and access to new markets by linking to international companies.
The loan agreement signed today - by SGMB President and CEO Ahmed El Yacoubi and EBRD Director Marie-Alexandra Veilleux-Laborie, in the presence of the EU Delegation - strengthens the partnership between SGMB and EBRD since 2012.
Promoting greener economies is a priority for the EBRD, which has successfully implemented the Morocco Sustainable Energy Financing Facility (MorSEFF), a credit line focusing on energy efficiency.
For Société Générale Maroc, this partnership is part of its commitment to help SMEs and to improve their competitiveness and sustainability. It is how Société Générale Maroc is reasserting itself as a committed social player, supporting positive change in Morocco.”
Since the start of its engagement in Morocco in 2012, the EBRD has invested over €1.8 billion, in 52 projects that also include financing for sustainable energy and infrastructure in addition to providing business advice to more than 550 Moroccan SMEs.
Original source can be found here.