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TunisiaEBRD pumps new funds into Moroccan SMEs
The European Bank for Reconstruction and Development (EBRD) is helping to further increase financing to small- and medium-sized enterprises (SMEs) in Morocco by providing up to €20 million in local currency loans.
The loan is provided in two equal tranches to CaixaBank Succursale au Maroc (CBM), for on-lending to SMEs.
Access to finance and specifically in local currency remains a challenge for Moroccan SMEs which are one of the EBRD’s priorities, as outlined in the country strategy.
Alain Pilloux, the EBRD Vice President for Banking, said: “We are pleased to partner with CaixaBank, to provide this much-needed funding in local currency. SMEs are the backbone of the Moroccan economy and supporting them will increase employment in the country and contribute to economic growth.”
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested about €1.2 billion in 30 projects in the country.
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Morocco
