Historic Bond Issuance by Casablanca-Settat
The Casablanca-Settat region of Morocco has made history by becoming the first local authority in the country to issue bonds, raising an impressive 1 billion dirhams (approximately €92 million). This landmark move was supported significantly by the European Bank for Reconstruction and Development (EBRD), which invested 400 million dirhams (around €36.8 million) into this bond issuance. This initiative not only reflects a critical advancement for Morocco's regional and municipal debt market but also showcases the growing acceptance of capital markets as a viable funding source for local governments in the region.
Funding for Regional Development and Environmental Initiatives
The funds raised through this bond issuance will be allocated to various priority projects outlined in the Casablanca-Settat Regional Development Plan for the years 2022 to 2027. This strategic financial maneuver aims to diversify the region's funding avenues, moving beyond traditional methods such as budgetary transfers and bank loans. Furthermore, the EBRD's participation marks a significant entry point for Casablanca-Settat into the EBRD Green Cities initiative. This flagship program is designed to assist urban areas in tackling environmental and climate-related challenges. As part of this initiative, the region will formulate a Green City Action Plan and initiate a pilot mobility project focused on promoting sustainable, inclusive, and efficient transportation solutions.
As reported by northafricapost.com.
