IFC, Proparco back Moroccan green bond

Marrakech, Morocco was the site of the last year’s “COP22,” the follow-on to the 2015 Paris meeting that resulted in the global climate accord.

At the meeting, the kingdom committed $100 million to the World Bank’s green bond initiative.

Now, Banque Centrale Populaire has raised €135 million ($151 million) from the International Finance Corp. and Proparco for Morocco’s first green bond issuance in a foreign currency.

The bank’s goal is to enable long-term institutional investments in Morocco’s renewable energy sector. The 10-year bond will be used to refinance the bank’s renewable energy investments.

Banque Centrale Populaire estimates the projects financed will curb 938,000 tons of CO2 emissions per year.

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