Marrakech, Morocco, 18 November 2016 – The Islamic Development Bank (IsDB), in partnership with The Netherlands-based Energy Investment Company (EIC) and the Moroccan-based Marita Group, will establish the new Sustainable Cities Africa Fund to invest in the development of green cities in Africa.

The announcement was made on 16 November at a workshop on the topic held during the COP22 meeting in Marrakech.
The Fund will mobilize US$300 million to invest in projects that reduce negative environmental and social impacts in African cities. The projects will significantly improve urban air quality and facilitate waste recycling across the African continent.

The Fund will obtain preferential access to a pipeline of projects and technologies made available by the Marita Group Holding. The Energy Investment Company will provide technical expertise.

The workshop was held to the raise awareness of all stakeholders of the importance of transforming African cities into a ‘smart’ cities. EIC and Marita Group initiated the concept during COP21 to encourage businesses to invest in technology transfer of successful projects to African cities. The Marita Group has already initiated the electric bus project in Marrakech and the Green Tech Valley project in Rabat (positive-energy eco-district). The on-field efforts are in line with the Moroccan royal
vision of renewable energies in Africa.

Participants in the workshop included leading Moroccan institutions, banking institutions and internationally renowned companies such as Peugeot Citroën Group, Schneider Electric and the electric bus manufacturer Yangtse.