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Join on Telegram Rabat – Morocco’s Credit Agricole bank has announced the launch of a special mechanism to support Morocco’s economy post-COVID-19.
The plan is part of its “voluntary and solidarity approach” to revive Morocco’s national economy, deeply and negatively affected by the COVID-19 crisis.
In a press release on Tuesday, the bank said that the special mechanism seeks to support economic revival by assisting enterprises affected by the COVID-19 crisis in resuming or successfully continuing their activities.
Credit Agricole clarified that the mechanism concerns all enterprises, whether in urban or rural areas. The mechanism depends on activating “two products to alleviate the burden of the treasury needs of the enterprises and enable them to meet the new challenges.”
The products are titled “CAM Relaunch” and the “CAM Relaunch TPE.”
The first offers medium- and long-term loans to cover all businesses impacted by the COVID-19 crisis. It seeks to invest in financing working capital needs of firms with a turnover of more than MAD 10 million ($1 million).
The second product is a medium- and long-term credit in favor of small businesses and traders, craftsmen, cooperatives, and liberal professionals whose revenues do not exceed MAD 10 million ($1 million).
Morocco’s Central Guarantee Fund is supporting the loans, which will be offered until the end of December 2020.
The loans will enable the financing of operational funds’ needs for contracting on preferential terms, including a reduced interest rate and seven-year repayment period.
Credit Agricole stipulated the loan ceiling ranges between MAD 10,000 ($1,000) and MAD 100 million ($10 million), according to the number of transactions.
“In compliance with its historic mission as a partner of the rural and agricultural world, it will pay special attention, within the framework of this mechanism, to agricultural contracting and food industry sector companies, knowing that it will cover all sectors of the national economy,” the statement said.
The bank recalled that the group previously allocated a budget of MAD 1.5 billion ($150 million) in order to alleviate and mitigate the effects of lack of rainfall during the 2019-2020 agriculture season.
