Morocco: EIB and CIH BANK join forces to strengthen support for businesses
June 2, 2021
The European Investment Bank (EIB) and CIH BANK signed their first financing partnership for a total of €60 million (i.e. MAD 640 million) to strengthen support for SMEs and mid-caps.
More broadly, the financing is part of the European Union’s external lending mandate and falls under the Bank’s COVID-19 response and the Team Europe programme. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness and creating jobs.
The financing agreement will benefit from the EIB’s expertise in promoting green financing and optimising the provision of financial services to SMEs and, in particular, the smallest companies.
The EIBhas been a key partner for Morocco for 40 years. The EIB finances the development and implementation of important projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport and even renewable energy.