Moroccan women from the region of Tangier, Tetouan-Al Hoceima are receiving support from EBRD’s women in business program.
By Rahma Ouled Cherif
Rabat – The European Bank for Reconstruction and Development (EBRD) announced on Wednesday the extension of its women in business program in Morocco. The initiative aims to strengthen the Moroccan economy by supporting female entrepreneurs in Tangier, Tetouan-Al Hoceima, and the Oriental in northern Morocco.
Female entrepreneurs from the region often focus on the medical, retail, and service sectors.
When it was implemented last year, the bank’s first women’s initiative in Morocco aimed to help more than 200 Moroccan women in its initial phase with financial and technical support.
According to the EBRD director for Morocco, Marie-Alexandra Veilleux-Laborie, “This program will empower female entrepreneurs by helping women get access to finance and know-how.”
Veilleux-Laborie stated that one challenge female entrepreneurs face is being unable to use the full range of bank services. To compensate, the European bank mentors women by offering technical support, business advice, and an opportunity to learn from each other.
The project is funded by the EU Initiative for Financial Inclusion.
In 2016, the EBRD’s managing director for the southern and eastern Mediterranean (SEMED) region, Janet Heckman, signed a loan of €35 million with the Moroccan Bank for Foreign Trade (BMCE) and the Moroccan Bank for Trade and Industry (BMCI).
During the seven years that EBRD has invested in Morocco, it has financed 50 projects worth €1.7 billion.