This purchase coincided with the country hosting the COP22 conference in Marrakech, which will decide on implementation of last year’s Paris Agreement on climate change.

World Bank president Jim Yong Kim said: “Developing a green bond market is key to mobilising the private capital flows needed to address climate change. We were delighted to collaborate with the Central Bank of Morocco on this important initiative.”

The three-year bonds mature on 15 December 2019, and have a semi-annual fixed rate coupon payment. The sole lead manager is Credit Agricole CIB.

World Bank vice-president and treasurer Arunma Oteh said: “This investment sends a powerful message to the global investor and climate policy community about Morocco’s commitment to climate finance.

“Morocco is one of the countries that has benefitted from the World Bank’s green bond programme to support its transition to a low carbon economy and is now making an investment in the global transition to a greener planet.”

The bonds were launched in 2008, and 128 have been issued in 18 currencies, totalling some $9.7bn.

They enable investors to support projects that meet specific criteria for low carbon and climate resilient growth through a bond backed the AAA credit strength of the World Bank.

Eligible projects include renewable energy installations, energy efficiency projects, and new technologies in waste management and agriculture.