“On the occasion of the Bank’s 31st Annual Meeting and Business Forum in Marrakesh, the EBRD and BOA signed a technical cooperation agreement for cooperation and development of a social, sustainable and green financing system for BOA, before issuing its first social bond issue.” , – said in a statement the EBRD.
The planned technical assistance will include an analysis to identify key areas for improvement in terms of Bank of Africa’s capabilities, resources, assets and processes for recognized standards for green, social and sustainable bonds, the same source said, adding that the EBRD will work with the BOA to develop an action plan for the adoption and implementation of a sound financial system for the purpose of issuing such bonds.
Thus, the EBRD supports the financial system of Morocco and its transition to a green economy through the development of the capital market, the statement said. “Assisting Moroccan financial institutions in creating a framework that will accelerate the issuance of social and stable bonds in the region will allow these institutions to attract a wider and more diverse investor base and influence the country in financing projects with a social and environmental dimension.” , adds the EBRD.
“Through this support from the Bank of Africa, the EBRD will strengthen Moroccan capital markets and promote a sustainable and resilient financial sector. It also paves the way for other local financial institutions to replicate this experience. industry to support and expand the issuance of bonds with environmental and social dimension “, – said in a statement the EBRD.
“Does Bank of Africa have a lasting ambition to offer innovative financial solutions to the challenges facing the private sector in Africa, including SMEs, including climate and gender,” said Brahim Benjelloun Tuimi, Managing Director of the Bank Group. of Africa, quoted in a press release.
Morocco has a relatively well-developed legal and regulatory framework and infrastructure for its capital markets, the EBRD notes, adding that “the Covid-19 pandemic has created new economic and social difficulties that can be addressed through new instruments in capital markets. allows you to link green finances with broader social issues. “
Demand from investors and financial institutions for this type of instrument is growing. However, the share of this bond market is only 27% of issues in emerging markets.
Bank of Africa is a universal commercial bank that has been represented in Morocco since 1959 and is listed on the Casablanca Stock Exchange. Present in 32 countries, it benefits from a well-established network in Africa, Europe and Asia.
Following the launch of Morocco’s first green bond in the Moroccan banking sector in 2016, the Bank of Africa – BMCE Group continues to innovate in its sustainable and inclusive financial instruments, working with the EBRD to further develop the structure, including in preparation for the issue. social and green bonds in favor of the Sustainable Development Goals.
Morocco has been a founding member of the Bank and a country of operations since 2012. To date, the EBRD has allocated more than € 3.4 billion to 85 projects in the country.