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Coronavirus: EBRD strengthens support for women entrepreneurs in Morocco

Good news for women entrepreneurs in the kingdom in this difficult period marked by the coronavirus.

The European Bank for Reconstruction and Development (EBRD), in collaboration with the European Union, has in fact decided to strengthen its support for small and medium-sized enterprises managed and owned by businesswomen in Morocco. The goal is to help them cope with the pandemic.

We learn that more than 20 businesswomen, who have participated in the Program for Women Entrepreneurs, take part in a series of online training sessions launched by the EBRD with the support of the EU under its European Initiative for financial inclusion. “This Initiative offers financial assistance to micro, small and medium-sized enterprises, including innovative start-ups, in the countries in the southern EU neighborhood. In response to the need to adapt to telework, the training focuses on digital marketing, as well as online presence and visibility. The program focuses, among other things, on crisis management and innovative marketing. It will give participants the tools they need to design a communication strategy reflecting the challenges to be faced in this crisis period and to prepare for the next steps,” says the EBRD.

According to the financial institution, women entrepreneurs in Morocco will also have the opportunity to take part in a personalized mentoring program with Endeavor Morocco, and will be able to access a network of management consulting companies, business incubators, funds investment and private equity funds. They will also have access to high-tech companies.

Note that the EBRD has released immediate support to companies affected by the impact of the coronavirus. As a first step, the Bank approved a € 1 billion solidarity program for existing customers facing temporary difficulties. This program provides, among other measures, support in the form of short-term capital, refinancing, trade finance and restructuring.

As a reminder, the EBRD launched the Women Entrepreneurs Program in Morocco in 2018, which combines advisory services and credit lines granted through local partner banks, notably the Bank of Africa group and BMCI, for a total of 35 million euros intended for investments in projects stimulating the competitiveness of companies.

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