Bank Al-Maghrib, the Moroccan central bank, will buy $100 million of green bonds issued by the World Bank to support environmental projects.
The announcement came at the start of the UN Climate Change Conference, COP22, held in Marrakesh.
“The investment will support sustainable development projects financed by the World Bank, including in countries in Africa,” said Abdellatif Jouahri, Morocco’s central bank governor.
Since launching the programme in 2008, the World Bank has issued 128 green bonds, raising the equivalent of nearly $10 billion. Proceeds from the bonds, which benefit from the World Bank’s triple-A credit rating, are used to fund renewable energy projects, energy efficiency technology, waste management systems and other schemes aimed at minimising climate change.
The bonds bought by Morocco will mature on December 15, 2019. Credit Agricole is the sole lead manager.
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