[Economics] Bank of Africa, EnR, AMEE Join Forces to Boost Climate Finance in Morocco

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Rabat - The Bank of Africa Group (BOA), Morocco’s third largest banking group by market capitalization, is partnering with the Moroccan Agency for Energy Efficiency (AMEE) and the Renewable Energy Cluster (EnR) to coordinate efforts on decarbonizing the economy.

The three parties signed two agreements on October 31, aiming to collaborate on supporting businesses to build sustainable business models, according to a statement.

Under the first agreement between BOA and AMEE, the energy agency pledges to provide technical support to businesses while the bank undertakes the financing of the projects. 

The first agreement was signed by BOA's Executive Director Khalid Nasr, BOA's Deputy Director General Brahim Benjelloun-Touimi, and the CEO of the Moroccan Agency for Energy Efficiency (AMEE), Said Mouline.

The second agreement relates to providing training on energy efficiency by the EnR. BOA is set to provide banking services including investment in the cluster’s activities. The second agreement was signed by Nasr, Benjelloun-Touimi and President of the Cluster EnR Obaid Amrane.

Commenting on the signing of the deals, the CEO of AMEE insisted that “decarbonizing the economy without taxing the middle class is possible,” adding that “decarbonization of all sectors is a priority” to the Moroccan agency.

On his part, the CEO of the Bank of Africa Group, Othman Benjelloun, noted that BOA, AMEE and the EnR cluster chose to combine their efforts “to contribute to the implementation of the low-carbon strategy adopted by the kingdom, as a major axis of the New Development Model and a new lever of competitiveness of companies and the Moroccan economy in general.”

The signing of the two agreements took place within an event dubbed “Decarbonization, a lever of competitiveness for the Moroccan company.” 

The event is set to hold activities in multiple cities including Agadir, Tangier, Fez, among other cities.

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