Rabat, Morocco — IFC, a member of the World Bank Group, and Proparco, a subsidiary of Agence Française de Développement (AFD) devoted to private sector financing, are investing €100 million and €35 million, respectively, in the first green bond issuance by Banque Centrale Populaire (BCP), to promote sustainable, environment friendly projects in the country.
This is the first green bond issuance in foreign currency in Morocco, as well as IFC and Proparco's first green bond investment in the region. The 10-year maturity bond will be used to provide long-term funding for BCP, one of Morocco's largest banking groups, to refinance investments in selected renewable energy projects in the Kingdom.
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