January 22 (SeeNews) - Moroccan banking group Banque Populaire has joined the Morocco Sustainable Energy Financing Facility (MorSEFF) with EUR 20 million (USD 21.7m).
After Banque Marocaine du Commerce Extérieur (BMCE), this the second Moroccan bank that joins the facility, launched by the European Bank for Reconstruction and Development (EBRD), in cooperation with the French Agency for Development, European Investment Bank, and KfW Development Bank.
Through MorSEFF local partner financial institutions in Morocco get access to credit lines to then on-lend to their clients. In the case of MorSEFF, the clients -- small business and corporate borrower, can use the financing to invest in energy efficiency and renewable energy equipment.
MorSEF can mobilise up to EUR 80 million for banks in Morocco.
BMCE bank was the first financial institution which joined the facility with a EUR 20 million credit line in March last year.
(EUR 1 = USD 1.084)