Funding for Sustainable Energy in Morocco

FOUR international financial institutions are teaming up with the European Union to promote sustainable energy investments in Morocco.

The funding of €80 million will be used for supporting projects in the country that cut back on energy waste and also help to develop renewable energy sources.
  
The money will provide loans via a group of participating banks and financial institutions for energy efficiency and small-scale renewable energy investments of private companies in Morocco.
 
Loans, free technical assistance and investment incentives are bundled into a unique product aimed at promoting energy-efficient and renewable energy technology, raising awareness, reducing operating costs and improving competitiveness.

The European Bank for Reconstruction and Development (EBRD), the Agence Française de Développement (AFD), the European Investment Bank (EIB) and Kreditanstalt für Wiederaufbau (KfW) launched the Morocco Sustainable Energy Financing Facility (MorSEFF).

The European Union Neighbourhood Investment Facility (EU NIF) is providing €16.5 million towards the facility, with funds to be used to assist in project implementation and to provide incentives for investment.
 
Comprehensive technical assistance, funded by the EU NIF and by the EBRD Southern and Eastern Mediterranean (SEMED) Multi-Donor account, will provide support to banks participating in the facility in the design of business development tools and the successful implementation of the facility.
 
Mr Rupert Joy, the EU Ambassador to Morocco, said: “Energy efficiency is one of the most cost-effective means to reduce greenhouse gas emissions, improve energy security and economic competitiveness, and make energy more affordable for consumers. And it has an important role to play in creating jobs and growth. MorSEFF, supported by the EU’s Neighbourhood Investment Facility, will add a new dimension to our energy cooperation portfolio, complementing in particular activities to foster new and renewable energy.”

Picture of Solar cell panels in eastern Morocco by Isofoton.es reproduced under CCL.

Friday 5th June 2015


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