Home > Economy > EBRD Grants €40 Million Loan to Boost Moroccan SMEs Amid Pandemic
EBRD Grants €40 Million Loan to Boost Moroccan SMEs Amid Pandemic
Thursday 13 August 2020, by
The European Bank for Reconstruction and Development (EBRD) has provided financing of 40 million euros to the Crédit Immobilier et Hôtelier (CIH), to support small businesses and trade in Morocco.
According to the EBRD, small and medium-sized enterprises are the beating heart of the Moroccan economy and are the most affected by the current health and economic crisis linked to the Covid-19 pandemic.
Under this facility, the EBRD will provide a loan of 20 million euros to CIH to provide medium-term financing to SMEs, thus increasing the availability of financing beyond the Greater Casablanca-Rabat region, where 70% of the Moroccan economy is concentrated, a statement from the European Bank said.
In addition to this loan, the EBRD is providing a trade finance line of 20 million euros to facilitate the import and export transactions of Moroccan companies, the same source added.
A founding member of the EBRD, Morocco became an area of operations in 2012. In total, 65 projects have been implemented by the EBRD for an investment of 2.4 billion euros.