IFC Invests $200 Million in Green Projects to Boost Morocco’s Economy and Sustainability – The announcement was made on the sidelines of the IMF and World Bank annual meetings being held in Marrakech. The International Finance Corporation (IFC) is releasing a green line of credit of around 200 million dollars to Morocco, through four projects to support food security, access to finance, sustainable agriculture and construction in Morocco and other regions of Africa, says the daily Les Inspirations Eco in its edition of Wednesday 11 October. “This financing will also help to support the Kingdom’s economic recovery strategy in the wake of the devastating earthquake that hit the country recently”, it adds.
The first project involves financing of around $106 million for the OCP Group, the world’s largest producer of phosphate-based fertilisers. This loan is intended to finance its ambitious solar power plant programme and to contribute to the greening of the world’s food systems. The project will enable the development of the two solar power plants at Benguerir and Khouribga, which will be able to provide reliable sources of carbon-free energy, thereby helping to develop a more sustainable business.
In the same vein, another agreement has been signed with Ciments de l’Afrique (CIMAF) for a $45 million green loan. The purpose of this loan is to support the production of low-carbon cement in Africa through the construction of a calcined clay production plant in Burkina Faso, as well as the financing of a solar photovoltaic project for three CIMAF subsidiaries in Chad, Burkina Faso and Mali.
The agreement also includes a $36 million risk-sharing mechanism set up with Banque Centrale Populaire (BCP) and Compagnie Marocaine de goutte-à-goutte et de pompage (CMGP). This project is aimed at farmers and SMEs to finance new irrigation systems and solar equipment for more efficient use of water, helping to reduce greenhouse gases.
Fintech is not left out. The agreement also provides for a $10 million equity investment, in partnership with Mediterrania Capital, in the financial services provider CASHPLUS, with the aim of promoting financial inclusion and access to financial services.
IFC Invests $200 Million in Green Projects to Boost Morocco’s Economy and Sustainability
