Solar Cluster, IFC Sign Agreement on Development of Green Technologies in Morocco

Casablanca - The International Finance Corporation (IFC), member of the World Bank Group, and the Moroccan association of actors in the renewable energy sector for industrial development and support for Green entrepreneurship, Solar Cluster, signed, on Wednesday, an agreement on the development of green technologies in Morocco. This partnership is part of the "Morocco Climate Entrepreneurship" program, whose objective is to support start-ups to design and market solutions in clean energy, they said in a joint statement.

This new financing agreement which was signed by Dahlia Khalifa, Practice Manager of the IFC Maghreb Office and Mustapha Bakkoury, president of the Solar Cluster, is a decisive step in the implementation of this program which aims to strengthen the development of green entrepreneurship in Morocco. The agreement expands the initial scope of the partnership relating to the "Green Business Booster" (GBB) program signed on November 23, 2018, and also provides the program with a global budget of 1,128,800 US dollars. After a first phase which was a great success, the second phase of the program concerns the strengthening of the capacities of the Solar Cluster, and the reinforcement of the link between the ecosystem and foreign investors as well as the promotion of investments in green start-ups to create jobs while helping the country mitigate and reduce climate risks.