International banks back Morocco’s energy efficiencyAhead of the climate change seminar (COP22) in Morocco next month, three international banks have committed their support towards the country’s energy efficiency drive. Media quoted the EBRD's statement, issued on Wednesday, which announced that the banks will be providing a €35 million ($38 million) financing facility to BMCE Bank of Africa and its leasing subsidiary Maghrebail. According to the Anadolu Agency, the finance line is the third under the Morocco Sustainable Energy Financing Facility (MorSEFF), which is a programme for sustainable energy investments through financial institutions. EBRD financing energy efficiencyThe EBRD-led facility is dedicated to financing energy efficiency and small-scale renewable energy investments in the country, media reported. According to the media, Mike Taylor, EBRD director for financial institutions noted that this is a very important initiative, which promotes best practice and raises awareness about the advantages of sustainable energy investment.

Source: The North Africa Journal October 14, 2016 07:18 UTC