Rabat – Morocco’s Attijariwafa Bank will loan 30 MAD billion ($3.11 billion) to small businesses throughout the country to help them recover from the financial impact of the COVID crisis.
The money is set to help 60,000 Small and Medium–Sized Businesses (SMEs) with each able to get up to MAD 500,000 ($51,918), the Maghreb Arabe Press reported on Tuesday.
“Support for the SMEs and very small businesses (VSEs) has always occupied a central place in the Attijariwafa bank’s strategy. This commitment has been stressed, particularly in times of crisis… Thus, for the 9th consecutive year since 2014, AWB group is reaffirming its commitment to support VSMEs in all circumstances,” the bank said in a statement.
Read also: Report: Morocco’s Small, Medium Businesses Are Highly Vulnerable
These loans come as a response to the recent economic challenges that the country is going through. Many food shop owners, for example, shut down their premises because they did not have enough customers.
This money should help those businesses recover and give them a chance to grow.
The bank will also offer companies non-financial services such as training to enhance their marketing potential, advice, and networking opportunities with potential investors.
The loans are part of the government “Tamwilcom” program to help businesses recover from the impact of the pandemic.
The bank will also extend the period in which tourist operators will have to pay back their medium and long term loans and offer webinars on the effects of the COVID-19 on businesses.
The webinars will also give advice to help small businesses restart projects.
