The European Bank for Reconstruction and Development (EBRD), Agence Française de Development (AFD), and the European Investment Bank (EIB) will provide $38m financing facility to Banque marocaine du commerce extérieur (BMCE) of Africa and its leasing subsidiary Maghrebail to support Morocco’s sustainable energy developments, reported ESI Africa.

This funding is the third of its kind granted under Morocco Sustainable Energy Financing Facility, which a comprehensive program meant to boost sustainable energy investment via financial institutions, according to Morocco World News.

The EBRD-led program is aimed at financing projects on energy efficiency and small projects related to renewable energy. The BMCE Bank of Africa will pass on the money to small-sized and medium-sized enterprises and big industrial and commercial companies, including those involved in the sectors of commercial construction and energy services.

A global technical assistance and investment subsidies, financed by the EU and the Southern and Eastern Mediterranean Multi-Donor Account (SEMED MDA), will back the BMCE to design trade development tools and efficiently deploy the program. The contributors to SEMED MDA are Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Sweden, Taipei China and the United Kingdom.