The loan is part of the EBRD’s €1 billion COVID-19 Solidarity Package to tackle the impact of the pandemic on the Moroccan economy.
Rabat – The European Bank for Reconstruction and Development (EBRD) announced today, April 22, a €145 million loan to Morocco’s BMCE Bank of Africa to support small- and medium-sized enterprises (SMEs).
The ERBD aims to help Moroccan SMEs experiencing a decrease in activity, turnover, and profitability to address their liquidity needs.
The European bank is also increasing an existing uncommitted multi-currency trade finance limit by €46.2 million to facilitate export and import transactions.
The funding is part of the EBRD’s COVID-19 Solidarity Package, a response and recovery program mobilizing €1 billion to handle the economic fallout caused by the COVID-19 crisis.
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Morocco is, as a result, the first EBRD country of operations to benefit from the bank’s coronavirus Resilience Program Framework.
BMCE Bank of Africa is the third-largest bank in Morocco and listed on the Casablanca Stock Exchange. The Moroccan bank has been a partner of the EBRD since signing its first trade finance facility in 2013.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested €2.2 billion in Morocco through 64 projects.
