As part of its fight against the impact of the pandemic on the Moroccan economy, the European Bank for Reconstruction and Development (EBRD) announced this Wednesday, April 22, the establishment of a financing facility of 145 million euros to Bank of Africa. This financing includes a loan line dedicated to small and medium-sized enterprises and a line of financing for foreign trade.
It is the world’s first investment under the EBRD’s resilience program in response to the coronavirus crisis, which was put in place to meet immediate liquidity and short-term working capital needs term of existing customers.
Thus, Morocco becomes the first EBRD country of operations to benefit from this new program and BMCE Bank of Africa, the first EBRD partner to deploy this program.
A loan of 100 million euros will allow Bank of Africa to meet the liquidity needs of companies, especially those of small and medium-sized enterprises (SMEs), which are experiencing a sharp decline in their activity, their turnover as well as of their profitability.
In addition, the EBRD has increased the existing financing limit for foreign trade operations by US $ 50 million (equivalent to € 45 million), aimed at facilitating companies’ import and export transactions.
Marie-Alexandra Veilleux-Laborie, the director and head of the EBRD office in Morocco, said “We are very proud to deploy our rapid support to the Moroccan economy by partnering with Bank of Africa. This investment envelope is essential for the resilience of Moroccan small and medium-sized enterprises and for strengthening trade, which is essential in this context of global crisis.”