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COP22: A 500 million dirhams (45 million euros) line of credit dedicated to energy efficiency

La Caisse de Dépôt et de Gestion (CDG), through its subsidiary Finéa, and the KfW signed a memorandum of understanding to set up a credit line amounting to nearly 500 million Dirhams (45 million euros) Euros) dedicated to energy efficiency investment projects.

Thursday November 17th, 2016, Casablanca – In conjunction with the COP22 proceedings in the city of Marrakech, Mr. Abdellatif Zaghnoun, General Director of CDG, chaired the signing ceremony of a memorandum of understanding between Finéa, a CDG subsidiary, and KFW pertaining to the creation of a line of credit of approximately 500 million dirhams (45 million euros) dedicated to energy efficiency investment projects, thus consolidating the strategic partnership between CDG Group and KfW and extending it to new areas of cooperation in line with the challenges of growth and sustainable development faced by the Moroccan economy.

Signed by Mr Ali Bensouda, Managing Director of Finéa and Mr Alexander von Kap-herr, Director of the KFW office in Rabat, this agreement aims, inter alia and according to the usual terms, to finance investment projects in the area of energy efficiency carried out by Moroccan SMEs and to support CDG Group entities in their energy efficiency and upgrading programs as part of CDG’s Climate Strategy.

This line of credit will be granted to CDG’s subsidiary Finéa, by KfW, on behalf of the Federal Ministry for Economic Cooperation and Development, and will be accompanied by a technical cooperation and assistance program dedicated to Finéa, to subsidiaries of CDG, as well as SMEs benefitting from energy efficiency funding.

In that instance, KfW and CDG are pleased by Morocco’s commitment to an economic model based on a growth integrating aspects of sustainable development and environment protection.