AfDB Grants US$1 Million to Boost Green Finance in Morocco
The African Development Bank Group (AfDB) has approved a US$1 million technical assistance grant to strengthen the role of Crédit Agricole du Maroc Group (GCAM) in supporting Morocco’s climate transition and advancing green finance.
The programme, launched on 28 January in Rabat, is being implemented through the African Green Banks Initiative in partnership with the Multilateral Cooperation Center for Development Financing (MCDF). It aims to enhance GCAM’s institutional, operational and financial capacity to access concessional and private capital, structure and finance green projects, and monitor climate impact.
The technical assistance will focus on financing projects in high-impact sectors, including sustainable agriculture, rural development, water resource management, clean energy, resilient infrastructure and connectivity. It will also support the alignment of GCAM’s financing activities with international climate finance standards.
Speaking at the launch, Achraf Tarsim, AfDB Country Manager for Morocco, said the partnership demonstrates the growing capacity of African financial institutions to drive climate action.
“This partnership between the African Development Bank Group and the Crédit Agricole du Maroc Group confirms the ability of African institutions to play a strategic role in financing ambitious climate projects,” Mr Tarsim said. “With its high-impact structural achievements, Morocco has consolidated its position as a benchmark country for green finance across the continent.”
GCAM Deputy General Manager Mustapha Chehhar said the initiative reinforces the bank’s leadership in green finance while expanding its scope beyond traditional sectors.
“Through this initiative, the Crédit Agricole du Maroc Group has consolidated its leadership in green finance and is gradually expanding its area of intervention beyond agriculture, agribusiness and the rural world, to also support investments in strategic sectors such as resilient infrastructure and connectivity,” he said.
The programme is expected to strengthen Morocco’s compliance with its Nationally Determined Contribution (NDC) and improve the alignment of national financial flows with climate priorities. It also aims to facilitate access to international climate finance and mobilise private capital for large-scale projects that support ecological transition and sustainable development.
The initiative aligns with AfDB President Dr Sidi Ould Tah’s Four Cardinal Points, which focus on mobilising Africa’s financial resources, strengthening financial systems, leveraging population growth and investing in climate-resilient infrastructure that delivers tangible development impact.
Since 1978, the African Development Bank Group has mobilised nearly €15 billion to finance more than 150 projects and programmes in Morocco, covering key sectors such as transport, social protection, water and sanitation, energy, agriculture, governance and finance.
