The special fund amassed more than MAD 33.7 billion ($3.3 billion) as of April 11.
Rabat – Credit Agricole du Maroc (CAM) employees have contributed to Morocco’s Special Fund for the Management and Response to COVID-19 with a sum of MAD 15.1 million (approximately $1. 5 million).
The contribution was a voluntary act, said the banking group in a joint press release on April 27.
The sum was routed to the fund that King Mohammed VI created on March 15 with an initial budget of MAD 10 billion ($1 billion).
The special fund amassed more than MAD 33.7 billion as of April 11 thanks to contributions from public and private companies, individual donors, and national institutions.
The fund covers the costs of upgrading medical infrastructure and acquiring urgently-needed means to treat people infected with the virus in appropriate conditions.
The special fund also helps Morocco to provide formal sector workers with a stipend through the National Social Security Fund (CNSS) or the National Medical Assistance Program (RAMED), and informal sectors workers with a stipend through a recently developed program.
Families of two people or less can receive stipends of MAD 800 ($78), while families of three to four people will receive MAD 1,000 ($98). Families of more than four people will benefit from MAD 1,200 ($117).
Credit Agricole has already joined efforts to combat the COVID-19 crisis in Morocco. The group secured a MAD 560 million ($54 million) loan from the French Development Agency (AFD) to support Moroccan farms and agro-industrial units that suffer from the lack of activity imposed by the pandemic, CAM announced on April 16.
The credit line is set to facilitate the access of Moroccan micro-, small-, and mid-sized companies to financing during the exceptional economic circumstances.
The financial agreement “will enable us to support and strengthen our actions in support of the agricultural and agro-industrial sectors and to continue to effectively carry out our mission of public service and support for disadvantaged populations,” said CAM Chairman Tariq Sijilmassi.