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GCF agreement set to spur Moroccan green growth

The Green Climate Fund enhanced the ability of public and private project developers  to invest in climate action today with its signing of an agreement with Moroccan-based CDG Capital.

CDG Capital is a corporate and investment bank investing in the Moroccan economy in different sectors such as power generation and distribution, port infrastructure, water supply infrastructure, real estate, rail, highways, telecommunications, services and industry.

Accreditation Master Agreements (AMAs), such as the one signed today, are a prerequisite for GCF Accredited Entities like CDG Capital to implement GCF-supported climate projects. The bank is a direct access Accredited Entity, indicating it is a national organisation.

Hamid Tawfiki, CEO of CDG Capital, said the bank is “delighted to sign this agreement with GCF, as it will “catalyse our efforts to mobilise funding towards climate projects in Morocco.”

“As a national bank, we look forward to working with our partners both in the public and the private sector to jointly develop and submit proposals to the Green Climate Fund," he said.

Pa Ousman Jarju, Director of GCF's Country Programming Division, said GCF will benefit from the diverse knowledge and experiences CDG Capital has gained in Morocco through its investment in a variety of financial instruments.

“The potential in Morocco and surrounding countries in the African region to drive economic growth is vast,” he said. “We at GCF want to ensure this growth is guided down pathways founded on low emissions and climate resilience.”

The signing took place on the sidelines of the international climate change meeting now underway in Katowice, Poland.