The European Bank for Reconstruction and Development (EBRD) will invest 400 million Moroccan dirhams ($3.68 million) in a local-currency bond of 1 billion dirhams issued by Agadir city in Morocco’s Souss-Massa region, the bank said in a statement.

The investment will help Agadir free up additional resources to implement its ongoing urban development programme, which focuses on green and inclusive infrastructure projects, the statement said, adding that Agadir is the first Moroccan city to join EBRD Green Cities programme.

Under ‘Green Cities” programme, Agadir will develop a green city action plan to identify its key environmental challenges and measure investments and policy actions required to address them.

(Writing by P Deol; Editing by Anoop Menon)