Lhe Fund granted the Bank a line of financing of 25 million euros, dedicated to SMEs, a key segment contributing to the emergence of the Moroccan economy and the creation of employment on a national scale.
Thus, this loan will be reinforced by technical assistance provided by the Sanad Technical Assistance Facility, making it possible to support the Bank in the deployment of its strategy in favor of SMEs.
It should be remembered that Bank of Africa, the third bank in Morocco, has a privileged position on the Moroccan market, through an expanded customer portfolio, and a strong orientation towards SMEs, thus making the Banking Group a key partner for Sanad. This loan, as well as the additional support in terms of technical assistance, mark a new stage in the existing partnership between the two institutions in favor of SMEs and financial inclusion. In 2020, the Sanad Fund for MSMEs joined forces with Bank of Africa to support the Bank’s activities in Sub-Saharan Africa through a loan of 25 million euros.
The Fund has also supported Bank of Africa, through its Technical Assistance Facility, in the implementation of its Group-wide sustainable development strategy and in the training of staff on environmental and social risks, in line with the industry best practices.
Through this financing, Sanad is extending its partnership with the Bank to the Moroccan market, a market considered to be of prime importance for the Fund. The presence of the Fund in Morocco with more than 90 million dollars invested to date, is thus strengthened with this loan. In this perspective, Sanad provides support to the Bank in its major strategic development areas, namely the development of SMEs and social impact.
This funding also solidifies Sanad’s global impact mission of fostering economic development and promoting business growth, thereby contributing to the achievement of SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation and infrastructure). Daniela Beckmann, Chairman of the Board of Sanad, said: “We are pleased to extend our partnership with Bank of Africa to further Sanad’s mission of expanding financial inclusion in the Middle East and Africa. Small and medium-sized enterprises must have access to stable financial resources to develop, support employment and stimulate the local economy.
Bank of Africa has a strong track record of reaching our target group of entrepreneurs, and we look forward to creating an impact on the ground together.” Mr. Brahim Benjelloun, Chief Executive Officer of Bank of Africa, said: ‘ “The support and financing provided to SMEs is an integral part of the Bank of Africa group’s strategy, carried out under the aegis of its President, Mr. Othman Benjelloun. It is therefore with great pleasure and interest that we We are now sealing this partnership with the Sanad fund, promoter of Financial Inclusion. Thanks to this partnership, Bank of Africa will continue its mission of supporting SMEs, in terms of proximity, listening, assistance in structuring , training and advice for the benefit of the various economic sectors and in all the regions of the Kingdom”.
