The European Bank for Reconstruction and Development (EBRD), the Central Bank of Morocco and the Professional Association of Moroccan Banks (GPBM) are joining forces to support the management of climate and environmental risks and promote green finance in Morocco.
A memorandum of understanding signed on Monday in Rabat by these three entities establishes a framework for cooperation in order to apply the directive relating to the financial risk management system.
The purpose of this directive is to encourage the Moroccan financial sector to measure and manage financial risks relating to climate change and the environment and to encourage Moroccan banks to make new commitments for sustainable finance.
Through this cooperation, the EBRD, the Central Bank of Morocco and the GPBM aim to raise awareness and build capacity in the management of climate and environmental risks of stakeholders dependent on Bank Al-Maghrib and to promote green finance.
Ms. Odile Renaud-Basso, President of the EBRD, said she was delighted to sign this memorandum of understanding and to collaborate with the Central Bank of Morocco and the GPBM, in order to work together to guide the Moroccan financial sector in concerns the management of financial risks relating to climate change and the environment and to promote green finance.
This is, according to her, “a significant step towards bringing together the skills, resources and reach necessary to help local financial institutions take action for the climate and contribute to the ecological transition of the country”.
To date, the EBRD has committed more than €3.2 billion to 83 projects in the country.