The European Bank for Reconstruction and Development (EBRD) has announced the signing, with Crédit Agricole du Maroc (CDM), of a mandate letter for the setting up of a € 20 million credit line.
This document was signed in the stand of the Moroccan bank at SIAM 2019 by the Director of its Office in Morocco, Marie-Alexandra Veilleux-Laborie, and the CEO of the Board, Tariq Sijilmassi.
This line, which will be part of the Women in Business program launched by the EBRD in Morocco in September 2018, will focus on the financing of agricultural and agribusiness units run by women.
The main objective of this line will be to improve the access of women-led businesses to bank credit, especially farms, agricultural cooperatives, and agribusiness and agricultural services enterprises, as well as micro-enterprises in rural areas run by women, thanks to an adapted offer.
This line offers partial risk coverage, in the form of a first loss guarantee benefiting the CDM, as well as technical assistance dedicated both to the CDM for a better structuring of its gender offer and to women CAM clients under this line for support their growth.
The “Women in Business” program in Morocco enjoys significant support from the European Union as part of its financial inclusion initiative through the financing of technical assistance and first loss guarantees.
Since its launch in 2014, the Women in Business program has supported women entrepreneurs in the EBRD’s countries of operations. The Bank’s initiative has helped 50,000 women and provided funding of over 485 million euros in cooperation with more than 38 financial institutions in 18 countries. In addition, the Program facilitates access to know-how and skills development.