2023-04-19 13:00:32
CaixaBank has had a banking license in Morocco since 2009, where it has three offices (Casablanca, Tangier and Agadir).
Support : The European Investment Bank (EIB) grants CaixaBank a line of credit of approximately 330 million dirhams to facilitate support to Moroccan MSMEs. According to a press release from both parties, this funding is part of the “Tajawouz” initiative aimed at promoting financial inclusion.
The EIB World and CaixaBank support Moroccan companies. Indeed, the European Investment Bank via BEI Monde, its new branch dedicated to development and international partnerships, and CaixaBank have just announced in a press release the signing of a financing contract of approximately 330 million dirhams to strengthen support for Moroccan micro, small and medium-sized enterprises (MSMEs). “Many micro, small and medium enterprises in Morocco find it difficult to invest and grow.
This is why the EIB through BEI Monde, our new branch dedicated to development outside the EU, has set itself the objective of financing and supporting them further, thus strengthening our support for the Moroccan economy, the financial inclusion and job creation,” underlines Ricardo Mourinho Félix, Vice-President of the EIB. And to continue: “Through this first loan to the Moroccan branch of CaixaBank, our objective is to reach more companies holding or creating new niches for the market while facilitating their access to financing as well as their integration into the local and international value chains”.
For Ignacio Pino, country manager of CaixaBank in Morocco, “CaixaBank, the leading bank in Spain, is committed to financing businesses and supporting the industrial fabric. This is also the case in Morocco, where we have been present for 15 years with a banking license and three offices, in the cities of Casablanca, Tangier and Agadir. We are proud of the confidence that the EIB places in the entity, with this inaugural loan which, we hope, can be a boost for Moroccan micro, small and medium-sized enterprises in their daily lives”. It must be said that this approach falls within the framework of the “Tajawouz” initiative. This aims in particular to support commercial banks in reaching a greater number of MSMEs. This is to allow them to benefit from a wider choice of financing and optimal borrowing conditions, according to both parties.
In addition, the “Tajawouz” initiative also supports the objectives of the green partnership signed between the EU and Morocco in October 2022. In the same press release, it is specified that CaixaBank targets MSMEs with strong links with Europe, in sectors and value chains beneficial to economies on both sides of the Mediterranean. “It relies on its expertise and experience in Spain to bring innovations on MSME financing products to the Moroccan market,” explains the same source, adding that this operation is aligned with the Moroccan government’s objectives in terms of support for SMEs as well as its industrial development program, which emphasizes the importance of integrating Moroccan companies into global value chains while strengthening their technical, environmental, social and governance standards as well as their productivity. In addition, this funding will help to better meet the standards and requirements of European buyers, thus increasing the competitiveness of Moroccan companies.
According to the same press release, “this loan should enable the Moroccan branch of CaixaBank to increase its financing in Moroccan dirhams (MAD) in favor of local suppliers of large Moroccan companies.
In this context, additional funds from the European Union may be used to protect small businesses from exchange rate risks”. It should be noted that the EIB finances the development and implementation of key projects in essential sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health , transportation and renewable energies. Its specialized branch EIB World seeks to increase the impact of international partnerships and development financing.
For its part CaixaBank, which holds a volume of assets of more than 590 billion euros, has had a banking license in Morocco since 2009, where it has three offices (Casablanca, Tangier and Agadir). It offers foreign trade and corporate banking services both to Spanish companies already established in the country or with prospects of entering the Moroccan market and to large Moroccan and multinational companies.
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