EBRD Grants $40 Million Loan to CaixaBank Morocco for SME Support
The Moroccan branch of CaixaBank has received a loan of 430 million dirhams from the European Bank for Reconstruction and Development (EBRD).
In a press release, the EBRD explained that this loan will help CaixaBank "increase the essential financing for local small and medium-sized enterprises (SMEs) to cope with the economic crisis caused by the Covid-19 pandemic. The bank also intends to support "CaixaBank’s expansion strategy to SMEs located outside the Casablanca-Rabat axis, particularly in Tangier and Agadir".
CaixaBank obtained its banking license in Morocco in 2009 and now has branches in Casablanca, Tangier and Agadir. More than half of the 600 Spanish companies active in Morocco are CaixaBank customers.
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