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17/11/2008
Promoter – Financial IntermediaryMorocco's Caisse de Dépôt et de Gestion (CDG)
The operation consists of the Bank's acquisition of an equity participation with EU budgetary resources (risk capital managed by the Bank under Regulation 1638/2006 of 24 October 2006) in a newly-created carbon fund.
The objective of this Fund is to support investment in clean technology projects in Morocco through the purchase of carbon credits.
The amount of the Bank’s investment will not exceed the equivalent of EUR 6.5m or, if this amount is lower, 25% of the Fund’s capital.
Total costThe Fund will have a minimum capital of EUR 18m at the first closing. The promoters' target size is EUR 26m.
Environmental aspectsThis project will promote (i) the global market in greenhouse gas reductions, (ii) the use of the Clean Development Mechanism in Morocco and the region, and (iii) investment in key sectors in Morocco such as renewable energy, landfill management and energy efficiency.
Not applicable.
Signed - 05/12/2008.
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