Three banks are providing €35 million (£30.15m) to help improve energy efficiency measures in Morocco.

The money will help small and medium sized businesses implement green projects, as well as being used to offer sustainable energy incentives. Some of the money will also support large construction and energy firms.

The European Bank for Reconstruction and Development (EBRD), the Agence Française de Développement (AFD) and the European Investment Bank (EIB) are lending the money to the Moroccan Banque Centrale Populaire (BCP).

It will be the fourth round of financing through the Morocco Sustainable Energy Financing Facility (MorSEFF), an initiative dedicated to supporting energy efficiency and small-scale renewable investments in Morocco.

Heinz Olbers, EIB Director of Lending Operations in Neighbouring Countries, said: “This sustainable energy financing facility signed with Banque Centrale Populaire will contribute to reinforcing the role of the private sector in climate investments in order to cut emissions and build a climate-resilient society.”