Morocco will get a boost in climate financing from Iberdrola + IFC: Spain’s Iberdrola and the World Bank’s International Finance Corporation (IFC) have partnered together to support the clean energy transition and decarbonization in developing economies including Morocco, according to a company statement. As part of the agreement, the two organizations will explore a green loan for the development of Iberdrola’s renewable energy, offshore wind power, and green hydrogen projects located in emerging countries, including Morocco. The expected loan value was not disclosed nor the specific projects being evaluated.

IFC is a big contributor of climate-friendly finance regionally: In May, Coca-Cola’s official bottling partner in Africa signed an agreement with IFC for a EUR 64 mn loan to boost climate-friendly measures and increase plastic recycling across the continent. In the same month, the Sovereign Fund of Egypt said that the World Bank lender will support its new renewable-powered desalination projects. The IFC extended a green loan of EUR 100 mn to Moroccan state-owned fertilizer and phosphate giant OCP Group in April, to help finance the development of four solar plants. The international lender also helped provide USD 500 mn for Amea Power’s 560 MW Abydos solar plant and the 505 MW Amunet wind project in Egypt.