IIt is the Kingdom’s first green bond issue in foreign currency and PROPARCO’s first subscription to Green Bonds in the region.
Banque Centrale Populaire (BCP), a longstanding partner for PROPARCO, since 2011, is the central entity of Groupe Banque Populaire (GBP), Morocco’s second largest banking group in total assets.
BCP is today a leading actor on the renewable energies market and designs its strategy in the context of the Kingdom’s energy policy.
PROPARCO has made a EUR 35m subscription to BCP’s first Green Bond in foreign currency. BCP approached its two institutional partners, PROPARCO and IFC, to participate in its fundraising in the context of the EUR 135m Green Bond issue, in line with the commitments made by Morocco during COP22 in Marrakech in November 2016.
It is the first issue operation in foreign currency on Morocco’s capital market and PROPARCO’s first operation of this kind.
The operation will facilitate the development of green finance on the Moroccan market by bringing about the required regulatory and technical changes.
The project identified will have an annual wind power generation capacity of over 1,500 GWh, theoretically providing some 1.8 million inhabitants with access to a low-carbon source of electricity.
These projects will also avoid the emission of over 17 Mt CO2 during their lifespan.