According to bank provided information, the investent involves the provision of a UR 25 million unsecured loan under the GCF GEFF Regional- Morocco II framework to Bank of Africa ("BOA"), of which up to EUR 18,750,000 to be provided by EBRD and up to EUR 6,250,000 by the Green Climate Fund ("GCF") under the GCF-Green Economy Financing Facility ("GEFF") Regional Framework. The proceeds of the GCF GEFF loan will be on lent to private companies to finance Green Economy investments in climate change mitigation and adaptation technologies.
The project will facilitate a green economy in Morocco by on lending to private sector sub-borrowers to implement green investments in energy efficiency, renewable energy and climate resilience measures.
The project will be the second transaction in Morocco under the GCF-GEFF Regional - Morocco II framework, and will facilitate a green economy in Morocco by on lending to private sector sub-borrowers to implement green investments in energy efficiency, renewable energy and climate resilience measures. The project will support the accelerated market penetration of green technologies.
Bank of Africa ("BOA") is the third largest bank in Morocco in terms of total assets and loans at YE2020. BOA will be allowed to on-lend all or part of the proceeds of the loans to Maghrebail, its fully consolidated leasing subsidiary where it holds 52.46% of the capital, and Salafin, a consumer credit subsidiary where BOA holds 62% of capital.
140 Avenue Hassan II Casablanca, Morocco
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