The Moroccan Solar Energy Agency (MASEN) has signed a memorandum of understanding (MoU) with the Islamic Development Bank (IDB) to promote renewable energy in Africa. A statement issued by MASEN said that the agreement will make it possible to “benefit the different partner countries at the same time, leveraging the expertise of MASEN along with the financial support of the IDB, throughout the different phases of development and implementation of renewable projects.”
MASEN also signed a second agreement with ICIEC, the insurer of the Islamic banking group to set up a framework and tools to facilitate private investment in the renewable energy sectors of Africa.
“This partnership reflects the strong commitment of both institutions to play a major role in increasing access to electricity in IDB member countries in Africa and in combating climate change,” said Mustapha Bakkoury, the president and CEO of MASEN.
In 2018, MASEN signed a similar agreement with the AfDB.