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EBRD lends 20 million euros to Société Générale

The European Bank for Reconstruction and Development (EBRD) granted, on Thursday 30 May 2019 in Casablanca, a loan of 20 million euros to Société Générale Maroc to support green projects carried by SMEs participating in certain value chains and industrial ecosystems.

This loan agreement, signed by the director of the EBRD in Morocco, Marie-Alexandra Veilleux-Laborie, and by the CEO of Société Générale Maroc, Ahmed El Yacoubi, reinforces the partnership since 2012 between Societe Generale Maroc and the EBRD, and focuses on the financing of green investments and the development of value chains in Morocco.

SMEs eligible for this program will be able to benefit from attractive support including financing, an investment subsidy and technical expertise to verify and optimize the viability of their green investment project. The acquisition of green equipment will enable them to offer more competitive products, increase their exports and access new markets by connecting to international companies.

In a statement, Veilleux-Laborie said that this new green line of credit has the financial support of the European Union (EU), up to 2 million euros, and the Green Climate Fund and is part of the framework of the EBRD program to strengthen the integration of SMEs into global value chains.

It is a specific partnership dedicated to the SME which evolves in a chain of value characterized by a process of transformation and creation of added value while aligning itself with the priorities of the green economy in particular in terms of energy efficiency, renewable energy and value for money, she said.

For its part, El Yacoubi welcomed this partnership between the EBRD and Societe Générale Maroc which is the first bank partner of this new program, noting that this agreement reflects a major stake for Société Générale of Morocco in its approach of promotion and accompanying SMEs by joining the entire value chain of the green economy.

Through this partnership, the bank intends to reinforce its willingness to act alongside SMEs to improve their competitiveness and their international sustainability, by helping them to renew their production tools according to an efficiency and effectiveness approach in preservation of the environment.

This first support agreement for the Moroccan SME in the field of the green economy was signed in the presence of representatives of the EU delegation as well as managing directors of Société Générale Maroc, including Mohamed Tahiri and François Marchal.

A major player in the world of lenders, the EBRD has financed 52 projects worth € 1.8 billion since the beginning of its operations in Morocco in 2012 and has offered management consulting services to more than of 550 Moroccan SMEs.

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