Credit Immobilier et Hotelier secures US$29m from EBRD, GCF, EU to support green economy

MOROCCO – The European Bank for Reconstruction and Development (EBRD), supported by the Green Climate Fund (GCF) and the European Union (EU), is providing a financial package of up to €25 million (US$29.20m) to Credit Immobilier et Hotelier (CIH Bank) to support Morocco’s green transition.

The financing, of which a total of €18.75 million (US$21.90m) will be provided by the EBRD and €6.25 million (US$7.30m) by the GCF, will be extended as sub-loans by CIH Bank to local citizens, small and medium-sized enterprises (SMEs) and corporates for investments in climate change mitigation and adaptation technologies.

The new EBRD financing comes under the Green Economy Financing Facility (GEFF) in Morocco which is supported by the GCF.

A comprehensive technical capacity package complemented by investment incentives, both funded by the EU, will support CIH Bank in the deployment of the programme.

The European Union considers this package to be a concrete way to help companies find and finance the solutions best suited to their transition to the green economy in Morocco.

The signing ceremony took place in the presence of Antoine Sallé de Chou, Head of Morocco for the EBRD, and Lotfi Sekkat, Chairman and CEO of CIH.

Operating in Morocco since 1920, CIH Bank is a major player in the development of the Moroccan economy. It is recognised as a universal bank and positioned as the leading digital bank in Morocco, combining digitalisation with a network of large network of bank branches.

This comes days after EBRD, supported by GCF and the European Union (EU), provided a financial package of up to €25 million (US$29.30m) to Bank of Africa – BMCE Group to support Morocco’s green transition.

The financing, of which a total of €18.75 million (US$21.98m) will be provided by the EBRD and €6.25 million (US$7.33m) by the GCF, will be extended as subloans by Bank of Africa and its leasing subsidiary Maghrebail to local citizens, small and medium-sized enterprises (SMEs) and corporates for investment in climate change mitigation and adaptation technologies.

The new EBRD financing came under the Green Economy Financing Facility (GEFF) in Morocco, which is supported by the GCF, and will build on the successful cooperation in implementing the Morocco Sustainable Energy Financing Facility (MorSEFF) programme.

A comprehensive technical capacity package complemented by investment incentives, both funded by the EU, will support Bank of Africa – BMCE Group in the deployment of the programme.

Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested €3 billion in the country through 74 projects.

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