Morocco launches green bond for renewable investment

A new green bond in Morocco aims to promote and support investments in a range of renewable energy projects. The issuance by Banque Centrale Populaire (BCP), one of Morocco’s largest […]

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By Jonny Bairstow

A new green bond in Morocco aims to promote and support investments in a range of renewable energy projects.

The issuance by Banque Centrale Populaire (BCP), one of Morocco’s largest banking groups, has already received investments of €100 million (£87.9m) and €35 million (£30.8m) from World Bank Group member IFC and private sector financing group Proparco respectively.

The 10-year maturity bond will enable banks to support long term investments in green assets by channeling private funding  into climate finance.

This financing is expected to help save 938,000 tonnes of carbon dioxide emissions per year.

IFC has identified $68 million (£53.5m) of green investment opportunities in Morocco alone.

Mouayed Makhlouf, IFC Director for the Middle East and North Africa, said: “Addressing climate change is a priority for IFC in the region and Morocco is an active player in this area.

“By building on our long term partnership with BCP, we aim to encourage more private sector investment in long term renewable energy projects, paving the way for more sustainable economic development and growth.”