The European Bank for Reconstruction and Development (EBRD) has provided a €40 million ($41.7 million) loan to Agence Nationale des Ports (ANP) to enhance the climate resilience of ports along Morocco’s Atlantic coastline.
The loan is the first to a Moroccan state-owned entity without a sovereign guarantee and it will comprise a €15 million ($15.6 million) committed loan and €25 million ($26 million) of uncommitted capital.
The Global Environment Facility (GEF) will supplement the investment with a $5.7 million grant and a further $500,000 towards a comprehensive technical capacity package – to which EBRD will also furnish a $1 million grant.
The package aims to provide systematic support for the climate resilience of Moroccan ports by establishing a working group – comprising key stakeholders in the Moroccan port sector – to facilitate climate-aware decision-making, as well as better environmental management and standards for ANP.
EBRD President, Odile Renaud-Basso, said: “The Bank is committed to promoting green transition and climate resilience in Morocco and in all economies where it operates.”
“Supporting ANP, together with the GEF, in mainstreaming climate change adaptation measures in the port sector will provide a replicable model for Morocco and the region.”
Renaud-Basso and ANP have signed the agreement at the Bank’s Annual Meeting and Business Forum in Marrakech, in the presence of the Moroccan Minister of Equipment and Water, the Minister of Energy Transition and Sustainable Development, ANP General Director, GEF representatives and EBRD senior management.
As Africa’s sixth largest economy and the most competitive amongst northern countries, Morocco’s maritime industry is transforming to turn the North African nation into a critical part of the global supply chain and help it overcome its economic challenges.