2023-06-28 10:00:13
To support the resilience and competitiveness of the Moroccan private sector
Financing: This loan is provided under the EBRD’s framework program for financing financial intermediaries to help Bank of Africa finance small and medium-sized enterprises.
The European Bank for Reconstruction and Development (EBRD) continues to support SMEs in Morocco. In this respect, the financial institution has just granted a loan of 50 million euros to Bank of Africa BMCE Group. The purpose is to support the resilience and competitiveness of the Moroccan private sector. An agreement was signed to this effect by Mark Bowman, EBRD Vice-President in charge of Policy and Partnerships, Brahim Benjelloun Touimi, Deputy Managing Director of Bank of Africa, and Khalid Nasr, Executive Managing Director responsible for CIB & Morocco. “We are pleased to sign this facility with Bank of Africa and thus support one of the EBRD’s main partners in Morocco in this difficult global economic environment, aggravated by the war in Ukraine, to help together mitigate its impact on the lending activity to MSMEs,” says Mark Bowman.
And to continue: “We also hope that the increase in the limit of the TFP program, recently approved, will help to fill the gaps in financing for foreign trade and to promote economic resilience in Morocco”. On the side of Bank of Africa, Brahim Benjelloun Touimi, Deputy Managing Director of Bank of Africa declared that “the signing of this line of financing of 50 million euros in favor of SMEs is one of the milestones of an ever closer partnership close relationship that we have had with the EBRD for a decade.
And to add: “We are thus faithful to the strategy of Bank of Africa in favor of a more inclusive finance, in particular with regard to those which represent the main part of the Moroccan productive fabric, namely SMEs, as well in a resolute quest for finance with a positive impact on our customers, our stakeholders and more generally on the environment of our activities”. It should be noted that this loan is granted under the framework program of the EBRD for the financing of financial intermediaries in order to help Bank of Africa to finance small and medium-sized enterprises. It appears that part of the loan will help finance companies operating in value chains located in the areas of Tangier and Kenitra as well as in other regions insufficiently served by bank financing, in order to increase financial inclusion. small businesses. As a reminder, the EBRD recently increased the total limit granted to Bank of African under its Trade Facilitation Program (TFP) from $150 million to $175 million. The aim is to help the bank issue guarantees in favor of confirming banks and provide cash financing for pre-export, post-import financing and local distribution. Referring to both parties, the increase in the limit will help Bank of Africa and its private, SME and corporate clients to import a wide range of goods into Morocco.
It will also help support Morocco’s green economy, with Bank of Africa also being a key contributor to the EBRD’s green trade facilitation program, including showcasing transactions for scrap metal and forestry from sustainable sources.
To maximize the potential impact of this program, Bank of Africa will receive a comprehensive technical assistance package under the “TFP”, including advisory services, a trade finance e-learning program and workshops. interactive on different topics related to trade finance.
1688328194
#Bank #Africa #secures #million #euro #loan #EBRD