Morocco has received several funding packages and loans to assist the country’s economy, directly affected by the COVID-19 crisis.
Rabat – The European Bank for Reconstruction and Development (EBRD) and Morocco’s CIH Bank have signed a partnership to assist small and medium enterprises (SMEs) and international activities through a financing program of €40 million (MAD 440 million).
CIH said in a statement that its chairman and CEO, Lotfi Sekkat, and the director-general in charge of Financial Institutions at the EBRD signed the agreement in the presence of their respective teams at a virtual ceremony.
“The agreement is in line with CIH BANK’s commitment to actively participate in economic recovery efforts by providing reinforced support to Moroccan SMEs, and by ensuring financing solutions adapted to their needs, and products that facilitate their flows, and foreign trade transactions,” the statement said.
Small and large enterprises alike suffered recession and economic crisis due to the COVID-19 pandemic.
Following the outbreak of the pandemic, enterprises across the country closed their doors as part of the preventive measures to contain the spread of COVID-19.
Morocco’s government launched a recovery plan after the lockdown measures eased but continues to vow firm restrictions if the number of COVID-19 cases continues to rise.
Several financial institutions, including EBRD, have approved loans and funds to assist Morocco’s economic recovery.
In April, the European bank granted a €145 million loan to Morocco’s BMCE Bank of Africa to support small- and medium-sized enterprises.