The measures include postponement of fixed maturities until June 30 without penalty clauses for late delivery.
Rabat – Banking institutions have been launching measures in line with the nationwide campaign to reduce economic pressure on citizens and companies affected by the COVID-19 crisis.
Morocco’s Banque Populaire (BCP) joined the list of banks that launched “exceptional” measures in favor of companies affected by the novel coronavirus pandemic.
Bank Populaire implemented measures to enable its customers and companies to deal with their cash flow problems, the institution said in a press release.
The measures include the postponement of fixed maturities without penalty clauses due to late delivery until June 30, and an additional cash line in the form of a fine credit maturing on December 31, 2020.
The measure is “intended to cover up to at 3 months of current expenses (payment of salaries, payment of suppliers, payment of rent, etc.),” the statement said.
The new guarantee program, “Damane Oxygene,” launched by the Ministry of Economy and Finance, will cover the loan.
Companies unable to repay this credit by the due date will be able to benefit from a five-year repayment period.
The Damane Oxygene initiative seeks to protect businesses from bankruptcy amid the novel coronavirus crisis.
Banque Populaire said that customers and companies seeking to benefit from the measures should contact the bank’s Business Center or their Banque Populaire branch by e-mail or telephone.
The Bank also provides its business customers with digital channels and services to enable them to continue their activities.
The statement said that the digital services include remote banking solutions, making it possible for customers “to manage, in a secure manner, consultative or transactional banking operations, channels and systems of exchange of flows.”
The services also allow clients to exchange instructions with the bank, and reporting services, “providing visibility for steering activities.”
Banque Populaire was among several Moroccan institutions to contribute to Morocco’s Special Fund for the Management and Response to COVID-19.
The bank donated MAD 1 billion ($103 million).
On March 15, King Mohammed VI ordered the creation of the special fund, initially comprising over $1 billion.
Since the fund’s creation, several Moroccan institutions have stepped with contributions, including OCP group, Afriquia Gas, and Bank of Africa. The fund has nearly tripled in size since its creation.
