Morocco: EBRD supports climate risk management in the financial sector

Moroccan banks will now benefit from the expertise of the European Bank for Reconstruction and Development (EBRD) in climate and environmental risk management. This is the aim of a partnership recently signed between the Central Bank of Morocco (Bank Al-Maghrib) and the Groupement professionnel des banques du Maroc (GPBM). The three institutions will work together to raise awareness and build the capacity of regulated stakeholders on climate and environmental risk management, as well as promoting green finance. This cooperation is mainly aimed at establishing a cooperation framework for the implementation of the Directive 5/W/21 on financial risk management issued last year by Bank Al-Maghrib.