Release date: 17 November 2008
Promoter – Financial Intermediary
Morocco's Caisse de Dépôt et de Gestion (CDG)
Location
Description
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.
Objectives
The objective of this Fund is to support investment in clean technology projects in Morocco through the purchase of carbon credits.
Sector(s)
Proposed EIB finance (Approximate amount)
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 cost (Approximate amount)
The Fund will have a minimum capital of EUR 18m at the first closing. The promoters' target size is EUR 26m.
Environmental aspects
This 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.
Procurement
Not applicable.
Status
Signed - 5/12/2008
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).