Home Economy Morocco to Obtain European Investment Bank Funds in Local Currency

Morocco to Obtain European Investment Bank Funds in Local Currency

Rabat – Morocco will be the first country in its region to obtain funds from the European Investment Bank in local currency, said EIB vice-president, Roman Escolano, according to MAP. 

“The EIB plans to start financing actions on the Moroccan market in local currency. It is a very important program as Morocco is in a privileged position compared to other EIB’s non-European partners”, Escolano told “L’Economiste” paper.

The maturity of the Moroccan capital market and banking system and the command over exchange mechanisms are making this approach possible”, he explained, noting this financing option will help the EIB considerably diversify and increase the level of its  actions.

“We are speaking about more operations, and also more customers who can have access to new activity lines of the Bank”, he further explained in the interview, recalling that the Bank does not finance directly state budgets but concrete projects.

He also pointed out that Small and Medium-Sized enterprises are a priority for the Bank, stressing that the EIB has just concluded an agreement with the Fund of Deposits and Management (CDG, fund that manages long-term savings in Morocco and also acts as a large investor) to reinforce our actions and explore new collaboration options to improve our financing of SMEs.

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