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IFC, a member of the World Bank Group, and AMMC, the Moroccan Financial Markets Authority, announced today a comprehensive set of guidelines for new financial instruments to combat change. climate change and generate positive social outcomes in the country. New guidelines have been developed by the AMMC with IFC advisory support and include updated guidelines for Morocco's green bond market, as well as a new framework for the social and sustainable bond market. , combined into a single reference document. the sale of sustainable development obligations is reserved for projects dealing with climate change (green bonds) and social issues (social links); for example, helping microenterprises access financing or provide financial support to women-owned businesses. In addition to further promoting financial inclusion and socio-economic progress, they can also fund projects targeting vital infrastructure and services such as health care, education and social housing.
"The new guidelines exemplify our continued efforts to encourage green finance to create a more inclusive future for all, and are also consistent with the kingdom's goals of promoting sustainable development and creating a regional financial center," he said. Nezha Hayat, CEO of AMMC. "In addition, they respect the commitments we made at COP 22 held in Marrakech."
IFC played a leading role in the development of sustainable bond markets in emerging countries. IFC is co-chair of the International Capital Market Association (ICMA) Social Bond Task Force. and IFC's social obligations program, which celebrated its first anniversary in March, aligns with the ICMA's Principles of Social Obligations. Since the launch of the program, IFC has issued 15 social bonds in five different currencies representing a total volume of $ 917 million.
"IFC aims to deepen capital markets in Morocco, which will help foster social inclusion and support the development of the country's green economy," said Xavier Reille, National Director of IFC for the Maghreb Region
. by developing the green bond market, which was worth $ 155 billion in 2017, an increase of 64% over the previous year. IFC invests in green bonds issued by the private sector, often as a lead investor, and helps governments and public authorities create credible and transparent capital markets, combat climate change and encourage financing financial markets. 19659002] This initiative was made possible through IFC's development partners, the Department of Foreign Affairs, Trade and Development (DFATD) and the Hungarian Export-Import Bank.
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