Under the visionary leadership of HM King Mohammed VI, Morocco embarked on an ambitious national energy strategy in 2009, elevating energy efficiency to a paramount national priority.
This strategic vision materialized through a series of regulatory and institutional initiatives, effectively embedding the tenets of energy efficiency across all facets of the country’s socio-economic landscape. A pivotal moment in this journey occurred in 2011 with the enactment of Law 47-09 on energy efficiency. This legislation laid the groundwork and principles for advancing energy efficiency on a national scale. Its overarching objectives encompassed bolstering efficiency in energy source utilization, curbing wastage, reducing energy costs, and crucially, contributing to sustainable development.
In this dynamic context, BANK OF AFRICA, a distinguished Pan- African banking group spanning over 30 countries worldwide, including a presence in 20 Sub-Saharan African nations, emerges as a trailblazer in sustainable and positive-impact finance. Over a span of more than 25 years, the Group has been at the forefront of developing innovative solutions to support the green transition of companies not only in Morocco but also across the entire continent. Its mission is anchored in addressing the challenges of decarbonization, climate change mitigation, and the effective management of transition risks.
Within the Moroccan landscape, BANK OF AFRICA proactively collaborates with its clients, adopting a responsible approach to ensure the success of their energy transition endeavors. The bank extends financing lines in strategic partnership with prominent entities such as the European Bank for Reconstruction and Development (EBRD), the French Development Agency (AFD), and the European Investment Bank (EIB). Since 2012, BANK OF AFRICA has made significant strides in the realm of energy efficiency and green value chains. The institution has crafted integrated, diversified, and turnkey offerings aimed at diminishing industrial carbon footprints. These initiatives involve the seamless integration of renewable energy sources, the adoption of energyefficient technologies in production processes, the reduction of industrial pollution, and the mitigation of environmental risks. Building on the success of the €55 million «Morocco Sustainable Energy Financial Facility» (MorSEFF) program, BANK OF AFRICA inked a groundbreaking «Green Value Chain» agreement with the EBRD in 2020. This €10 million sustainable financing line was designed to fortify the competitiveness of small and mediumsized enterprises and facilitate investments in the burgeoning green economy in Morocco.
Subsequently, in September 2021, BANK OF AFRICA further solidified its commitment by signing a new agreement with the EBRD. This time, a €25 million sustainable financing line was established to support a spectrum of projects, including those focusing on energy efficiency, renewable energy, water conservation, sustainable land management, and High Environmental Quality (HQE) buildings. The initiative was part of the Green Economy Financing Facility Morocco – GEFF II – program.
It’s noteworthy that BANK OF AFRICA was the inaugural Moroccan financial institution chosen to spearhead the Green Economy Financing Facility Morocco – GEFF – Program in the country. BANK OF AFRICA’s dedication to sustainable finance aligns seamlessly with Morocco’s overarching energy strategy, reflecting a commitment to both economic prosperity and environmental stewardship.
The bank’s proactive engagement with international partners underscores its position as a global leader in fostering green initiatives. As the world grapples with the challenges of climate change, BANK OF AFRICA’s endeavors serve as a beacon of hope, illustrating the positive impact that financial institutions can have in driving sustainable development.
BANK OF AFRICA financed the installation of a photovoltaic solar power plant on the roof a company that designs and markets complete ranges of water connections, supply and sanitation equipment. The photovoltaic solar power plant will cover part of the site’s electricity needs.
Thanks to this new installation, the electrical equipment will work with two sources of electricity: the public grid and the photovoltaic generator, with automatic priority given to the solar kWh.
The implementation of this project is expected to result in energy savings of 1,089.9 MWh/year. In addition, the company should be able to reduce its greenhouse gas emissions by 621.86 t CO2eq each year.
